Universal Growth in Production Economies

ADVANCES IN NEURAL INFORMATION PROCESSING SYSTEMS 31 (NIPS 2018), pp. 1973-1973, 2018.

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Abstract:

We study a simple variant of the von Neumann model of an expanding economy, in which multiple producers produce goods according to their production function. The players trade their goods at the market and then use the bundles received as inputs for the production in the next round. We show that a simple decentralized dynamic, where playe...More

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