256 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28
Now if T is increased, the benefitted generation becomes
a more and more distant one. If T=o0, there is no benefitted
generation, and the limiting position of the curve in Figure 10,
while mathematically well-defined, merely describes a path of
indefinite and fruitless sacrifice.
The problem appears in even sharper light if technological
progress is also recognized. A study by INAGAKI [1963] uses
a CoBB-DOUGLAS production function
F(Z, L, t) = const. ef Z*1.1-¢
subject to exogenous technological progress at the constant pro-
portional rate 3, an instantaneous utility function
(53)
wr) ~ logs -- log x
as
exhibiting suitable behavior for large values of x, and a labor
force growing exponentially at the rate A. Among other re-
sults, INAGAKI finds that, for the integral V(p) as defined in (19)
to converge on the counterpart of our path (x,, z,) =(£(p), #(e)),
it is necessary that
-— Œ-
“4] Koopmans - pag. 32