Golden Rules of Economic Growth: Studies of Efficient and Optimal Investment

Golden Rules of Economic Growth: Studies of Efficient and Optimal Investment

by Edmund S. Phelps

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Overview

This volume of twelve interlocked essays in mathematical economics deals with a central problem of modern economic theory: the search for a path to an optimum level of economic growth. The meaning of the Golden Rule concept is thoroughly expounded, and certain analogues are presented to show that the fundamental notion of a "commanding" growth path is encountered even in models in which no pure and simple Golden Rule path exists. The Golden Rule concept is tested and applied to a number of theoretical formulations and then extended to several kinds of investment other than capital formation, as the author postulates a Golden Rule of Research, a Golden Rule of Education, and even a concept dealing with population control-a Golden Rule of Procreation. This thorough and original work is important reading for students of macroeconomic theory, growth, development, and capital theory.

Product Details

ISBN-13: 9780393330564
Publisher: Norton, W. W. & Company, Inc.
Publication date: 06/06/1966
Pages: 208
Product dimensions: 5.00(w) x 8.00(h) x (d)

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