Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system based depending on the initial and final levels.
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- Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system based depending on the initial and final levels. In the context of a macroeconomic exogenous growth model, for example, it says that if an infinite optimal path is calculated, and an economic planner wishes to move an economy from one level of capital to another, so long as the amount of time the planner has is long enough, the most efficient path is to quickly move the level of capital stock to a level close to the infinite optimal path, and to allow capital to develop along that path until it is nearly the end of the desired term and the planner must move the capital stock to the desired final level.
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- Turnpike theory refers to a set of economic theories about the optimal path of accumulation (often capital accumulation) in a system based depending on the initial and final levels.
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