Now showing items 1-4 of 4
Maximin paths of heterogeneous capital accumulation and the instability of paradoxical steady states
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 ...
The irrelevance of Sraffa's analysis without constant returns to scale
One fundamental result in Sraffa's production of commodities by means by commodities is the relationship between the rate of profit for a given production tecchnique and Sraffa;s measure of the real wage.................
Perfect Foresight, Expectational Consistency, and Macroeconomic Equilibrium
This paper begins by introducing three alternative properties of expectations: weak consistency, strong consistency, perfect foresight. These concepts are then used to consider the relationship between beginnning of period ...
On Some Unresolved Questions in Capital Theory: An Application of Samuelson's Correspondence Principle*
In the mid-1960's two quite separate but fundamental questions in capital theory were first debated in this Journal. On the one hand, the original paper by Levhari (1965) gave rise to the widely cited series of papers published ...