By Wei-Bin Zhang (auth.)
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Extra resources for Economic Growth with Income and Wealth Distribution
U" - U ee We see that 0 < dsl elY < 1 and 0 < del elY < 1 in the case of U'" ~ 0 under the second-order condition of maximization. We denote an optimal solution as a function of the disposable income (c(t), s(t)) = (c(y(t )), s(y(t ))). The vector (c(y(t )), s(y(t ))) is known as the Walrasian (or ordinary or market) demand function, when it is single-valued for all positive disposable income. It appears reasonable to consider population as independent of economic conditions, as a first approximation.
The main deviation from traditional approaches is the introduction of an alternative approach to modeling consumer behavior. As observed by Frederick et aI. (2002: 383-84) The [discounted utility] model, which continues to be widely used by economists, has little empirical support. Even its developers - Samuelson, who originally proposed the model, and Koopmans, who provided the first axiomatic derivation had concerns about its descriptive realism, and it was never empirically validated as the appropriate model for intertemporal choice.
It should be noted that Ramsey interpreted the agent as a social planner, rather than a household. The planner chose consumption and saving for current and future generations. Ramsey assumed p = 0 and considered p > 0 "ethically indefensible". 5) consumption per capita always grows if the interest rate is positive irrespective of whether wealth grows or falls. A fundamental difference between the Solow model and Ramsey model is that the Solow model has a stable equilibrium point, while the standard Ramsey model has a saddle equilibrium point.
Economic Growth with Income and Wealth Distribution by Wei-Bin Zhang (auth.)