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Is the Neoclassical Growth Economy a Market Economy?

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Reinhardt, P. Is the Neoclassical Growth Economy a Market Economy?. Journal of Contextual Economics – Schmollers Jahrbuch, 101(4), 441-443. https://doi.org/10.3790/schm.101.4.441
Reinhardt, Paul G. "Is the Neoclassical Growth Economy a Market Economy?" Journal of Contextual Economics – Schmollers Jahrbuch 101.4, 1981, 441-443. https://doi.org/10.3790/schm.101.4.441
Reinhardt, Paul G. (1981): Is the Neoclassical Growth Economy a Market Economy?, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 101, iss. 4, 441-443, [online] https://doi.org/10.3790/schm.101.4.441

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Is the Neoclassical Growth Economy a Market Economy?

Reinhardt, Paul G.

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 101 (1981), Iss. 4 : pp. 441–443

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Reinhardt, Paul G.

Abstract

Continuous time enters the growth model throught the stability requirements on the model. Its presence creates a problem of transforming the transaction price of the good, which can only be a price of physical units of the good at a point in time, into the price of a flow of the same good across time, as it enters into a transactor's decision, at a point in time. Growth models treat these prices as interchangable. The present paper tries to show that these prices diverge in the growth model.