Golden Rules of Economic Growth
Author | : Edmund S. Phelps |
Publisher | : W W Norton & Company Incorporated |
Total Pages | : 208 |
Release | : 1966-06 |
Genre | : Business & Economics |
ISBN | : 9780393330564 |
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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.