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The development of the capital return in neoclassical
simple growth model
The optimal capital income from the wage earners point
7 other sections not shown
assume assumptions asymptotic value capital income capital return capital stock capitalists invest chapter Comparing concave concave functions constant consume as little consumption contour lines control variables decline decrease depends differential equation differential game discount rate economy elasticity of capital elasticity of substitution equal equilibrium solution exist factor diagram feasable formula Furthermore game solution given gives Golden Rule growth rate higher total capital holds implies infinite horizon Inserting isoquants labour Lancaster marginal elasticity marginal productivity means Ministry of Finance national product non-negative obtain optimal path optimization problem Pareto optimal solutions Pontryagin maximum principle preference function production function ratio region of substitution satisfied section 2.2 sectors share slopes smaller social welfare function stationary solution steady state game steady state solution technical progress total capital accumulation valid wage earners whole period workers and capitalists workers consume Y-isoquants YK(t zero investment