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Economic growth, the mathematical pendulum, and a golden rule of thumb
Christiaans, Thomas - 2001
Persistent link: https://www.econbiz.de/10001575216
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Economic growth, a golden rule of thumb, and learning by doing
Christiaans, Thomas - 2001
Persistent link: https://www.econbiz.de/10001575215
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Economic growth, a golden rule of thumb, and learning by doing
Christiaans, Thomas - 2001
A simple rule of thumb which has been successfully used in the basic neoclassical growth model as an alternative to the unstable dynamic optimization solution is shown to be more generally applicable in a non-scale growth model with learning by doing. The model is formulated in accordance with...
Persistent link: https://www.econbiz.de/10011525438
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Optimal and Competitive Programs in Reachable Multi Sector Models
Dasgupta, Swapan; Mitra, Tapan - 1999
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....
Persistent link: https://www.econbiz.de/10014179641
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Economic Growth, the Mathematical Pendulum, and a Golden Rule of Thumb
Christiaans, Thomas - 2001
It is argued that due to their general instability dynamic optimization models cannot be used as positive theories of economic growth. The argument is substantiated by (numerical) examples. A simple rule of thumb is provided as an alternative to the RKC model. This rule is shown to perform well...
Persistent link: https://www.econbiz.de/10010322092
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Endegeneous Discounting Via Wealth, Twin-Peaks and the Role of Technology
Schumacher, Ingmar - 2007
The article gives new answers to the two following questions: One, what can be a potential source of the twin-peaks of economic growth? Two, why were some of the countries that were believed to belong to the group of low steady state countries (like Taiwan, South Korea, Japan, etc.) able to...
Persistent link: https://www.econbiz.de/10014052204
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Patience and prosperity
Strulik, Holger - 2009
adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today …. Along a virtuous cycle of development more wealth leads to more patience, which leads to more savings and even higher wealth …. Savings rates and income growth rates are thus jointly increasing during the process of development until they converge …
Persistent link: https://www.econbiz.de/10003877571
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Efficient Ramsey Equilibria
Becker, Robert A.; Mitra, Tapan - 2011
Ramsey equilibrium models with heterogeneous agents and borrowing constraints are shown to yield efficient equilibrium sequences of aggregate capital and consumption. The proof of this result is based on verifying that equilibrium sequences of prices satisfy the Malinvaud criterion for efficiency
Persistent link: https://www.econbiz.de/10014177222
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Stochastic Convexity in Dynamic Programming
Atakan, Alp - 2006
This paper explores sufficient conditions for a continuous stationary Markov optimal policy and a concave value function in stochastic dynamic programming problems. Also, the paper addresses conditions needed for the differentiability of the value function. The paper uses conditions such as...
Persistent link: https://www.econbiz.de/10014055370
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A note on economic growth with subsistence consumption
Strulik, Holger (contributor) - 2008
issue. Here, I reconsider the linear (Ak) growth model with subsistence consumption and show that the evolution of savings … savings rates and growth rates reasonably well. -- Economic growth ; saving ; subsistence needs …
Persistent link: https://www.econbiz.de/10003748086