SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 759

and finally, from (3z-""

(127-7)

H

~

dR,
a:

When the rates of growth p(#) are considered as given, tne
smaller the :(#) the greater ©. As from (121-2), © is a
function of :”, we have

(127-8)

de
7

~

It can thus bz seen that real consumed income Rc 1s a maximum
 for © =o (1). Thus we have

'127-9) Re is maximum for i(t) - p(#)=o

If we write Rom to represent
we have as a first approximation

(127-10

LA V6

the maximum value of Rg,

0 [i-p=0’
d{i-p)

() This result was first stated for the case of a dynamic process by
DESROUSSEAUX (1961 A), using the formulation I had given in « Economy
ind Interest » (1947) for a stationary process (p=o0). However, DESROUS-SEAUX'S
 line of approach is completely different from that adopted in the
present study, for he assumes that the function ¢(¢, §) satisfies a « condition
 of regularity » over time, but this condition is formulated from a
social, and not an economic. point of view.

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