Econometrica: Jan 1964, Volume 32, Issue 1

Persistence of Continual Growth Near the von Neumann Ray: A Strong Version of the Radner Turnpike Theorem

https://doi.org/0012-9682(196401/04)32:1/2<151:POCGNT>2.0.CO;2-E
p. 151-162

Hukukane Nikaido

This paper strengthens the Radner turnpike theorem by examining, under a few reasonable additional assumptions, the mode of the convergence of efficient paths to the von Nuemann ray. Continual proximity to the turnpike is established for long-term efficient paths of economic growth except in a common number of initial and final consecutive periods. This result consolidates the Radner theorem and thereby confirms what the originators of the turnpike proposition undoubtedly had in mind.

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