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dc.contributor.author Burmeister, Edwin en_US
dc.contributor.author Hammond, P. J. en_US
dc.date.accessioned 2010-03-09T15:26:50Z
dc.date.available 2010-03-09T15:26:50Z
dc.date.issued 1977 en_US
dc.identifier.uri http://hdl.handle.net/10161/1862
dc.description.abstract If there exist heterogeneous capital goods, a steady state may be "paradoxical" in the sense that increasing the rate of interest above the Golden Rule level may lead to an increase in consumption or utility, rather than to the decrease which always occurs in one-sector models. It is shown that, in many cases, a path of capital accumulation which maximizes the minimum consumption or utility level is unlikely to converge to a paradoxi- cal steady state of this kind. en_US
dc.format.extent 332701 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher Econometrica: Journal of the Econometric Society en_US
dc.subject Solow-Swan Model en_US
dc.title Maximin paths of heterogeneous capital accumulation and the instability of paradoxical steady states en_US
dc.type Journal Article en_US
dc.department Economics

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