We show that in multi-sector optimal growth models, where the technology satisfies a simple reachability condition, infinite horizon programs which satisfy the competitive conditions are optimal. We provide examples of a variety of production models where the reachability condition is satisfied....

In a standard exhaustible resource model, it is known that if, along a competitive path, investment in the augmentable capital good equals the rents on the exhaustible resource (known as Hartwick's rule), then the path is equitable in the sense that the consumption level is constant over time....

The paper examines the theory of optimal forest management with a view to describing its transition dynamics. In contrast to the literature's emphasis on long-run behavior of optimally managed forests, we focus on the nature of the optimal policy function, which describes the harvesting and...

In a standard exhaustible resource model, it is known that if, along a competitive path, investment in the augmentable capial good equals the rents on the exhaustible resource (known as Hartwick's rule), then the path is equitable in the sense that the consumption level is constant over time. In...

Why not set a maximum on bank reserves, wonders Swapan Dasgupta?