Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Oct, 1965, Volume 33, Issue 4

On the Two Theorems of Growth Economics: A Mathematical Exercise<829:OTTTOG>2.0.CO;2-J
p. 829-840

Michio Morishima

Two recent topics of growth economics, the Turnpike Theorem and the Relative Stability Theorem, are discussed on the basis of more general and realistic assumptions. Without the crucial assumption of primitivity, the "ergodic" properties asserted by those theorems are seen to be established only in the average sense. Our argument leads to extensions of the Kolmogoroff-Yoshida-Kakutani result into some nonlinear and non-unique cases.

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