NG, Yew-Kwang - Division of Economics, Nanyang Technological University - 2014
Economic Literature both assert the inevitability of an increasing share of capital in total income, given a higher rate of … return to capital than the rate of growth in income. This paper shows by a specific example, a logical argument and its … intuition that the alleged inevitability is not valid. Even just for capital to grow faster than income, we need an additional …