By Heinz D. Kurz
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Sample text
If his concern had been with generalizing the ‘Walras-Cassel model’, as is maintained by the conventional interpretation, this neglect would be totally incomprehensible, whereas it can easily be understood if one of his implicit aims was refuting Remak’s view. 45 ‘CLASSICAL’ ECONOMICS AND MODERN THEORY Just like Remak, von Neumann adopts a circular notion of production and considers the means of subsistence an integral part of the advances at the beginning of the uniform period of production. However, in every respect von Neumann’s model is more general than Remak’s.
However, the case of uniform input proportions put forward by him to illustrate the argument (cf. 17 Von Charasoff built on the foundations laid by his fellowcountrymen in an attempt to reformulate Marx’s theory in a way that is logically unassailable. 18 Anticipating ‘duality’ Von Charasoff develops his main argument within the framework of an interdependent model of (single) production, which exhibits all the properties of the later input-output model. The central concept of his 34 VON NEUMANN’S GROWTH MODEL analysis is that of a ‘series of production’ (Produktionsreihe): it consists of a sequence, starting with any (semi-positive) net output vector (where net output is defined exclusive of wage goods), followed by the vector of the means of production and the means of subsistence in the support of workers needed to produce this net output vector, then the vector of the means of production and the means of subsistence needed to produce the previous vector of inputs, and so on.
Yet in von Neumann’s analysis the vector of goods constituting the means of subsistence of workers does not depend on relative prices. 12 However, as has already been noted, there are important differences in the way in which the latter and the Walras-Cassel model conceptualize production. While in the Walras-Cassel model production is conceived as the instantaneous transformation of the services of the original factors of production into final goods, in the von Neumann model it is assumed that production takes time and that commodities are produced by means of commodities: the outputs of a process are available one time unit later than the inputs enter it.