Accession Number : AD0774251

Title :   The Walrasian and Von Neumann Equilibria: A Comparison.

Descriptive Note : Technical summary rept.,

Corporate Author : WISCONSIN UNIV MADISON MATHEMATICS RESEARCH CENTER

Personal Author(s) : Los,Jerzy ; Wycech-Los,Maria

Report Date : JAN 1974

Pagination or Media Count : 30

Abstract : YCECH-Los,Maria ;MRC-TSR-1399DA-31-124-ARO(D)-462*Economic models, Production, Equilibrium(General), Distribution, Consumers, Allocations, Theorems*Walrasian model, *Von Neumann model, PreferencesThe two economic concepts mentioned in the title deal with different features of an economy, the first with the distribution of produced goods between consumers according to their preferences, the second with the growth of the economy through 'production of commodities by means of commodities' (Sraffa), leaving the mechanism of consumption almost completely aside. It seems interesting that in spite of these differences many similarities between the models can be found and that the von Neumann model can be adjusted to account for the preferences of consumers. (Modified author abstract)

Descriptors :   *ECONOMIC MODELS, PRODUCTION, EQUILIBRIUM(GENERAL), DISTRIBUTION, CONSUMERS, ALLOCATIONS, THEOREMS

Subject Categories : Economics and Cost Analysis

Distribution Statement : APPROVED FOR PUBLIC RELEASE