As this terse historical sketch should make clear, Bohm-Bawker's concern in The Positive Theory was to explain the inevitability and importance of a positive rate of interest in a capital-using economy. Consequently, he concentrated on questions and concepts related to the creation and...

For guidance in determining which items should be included in comprehensive NDP and how they should be included, reference is often made to the libearized Hamiltonian from an optimal growth problem. This note shows how the heuristic linearized-Hamiltonian argumentcan be given a rigorous welfare...