The paper generalizes the von Neuman growth model extended by M. Morishima. Morishima introduced capitalists' consumption and workers' savings into the model. But his proof of the existence of the balanced-growth equilibrium crucially depends upon the assumption that every good must be in...

The author builds a theory of the choice of techniques in joint production, at a given profit rate, considering a market algorithm. Partial results are extended by means of an abstract notion of technology, where techniques meet demand and satisfy local properties. Global results on the...

We generalize the concept of industry, which stems from the analysis of single-product economies, to that of sector. The sector concept can be applied to economies with or without joint-product processes and pure capital goods. A ‘sectoral economy’ is an economy characterized by the...

Maurice Potron (1872-1942) is a French Jesuit and mathematician whose main source of inspiration in economics is the encyclical Rerum Novarum. With virtually no knowledge in economic theory, he wrote down a linear model of production in which he formalized the notions of just prices and just...

An input-output (IO) system which is capable of producing any semi-positive net product by an adequate choice of the activity levels of its processes satisfies the 'adjustment' property. We analyze under which conditions the adjustment property holds for IO systems in which some produced goods...

If land is uniform in quality, an increase in the demand for agricultural goods leads to the use of more intensive cultivation methods. Though Ricardo saw no difficulties in the intensification process, their existence is revealed by the possible occurrence of multiple equilibria. A general...