SEMAINE D'ÉTUDE SUR LE ROLE DE L'ANALYSE ECONOMETRIQUE ETC. 701

rt

: QUASI-STATIONARY PROCESS WITZ
CONSTANT GROWTH RATES

Hypothesis of Invariance of the Function clé, 0)

130. If in addition to the conditions already discussed,

condition that the function ot, 0) is invariant is postulatea,
can easily be shown that the rates i(t) and c(t) must be constan*
For by hypothesis

130-1)

£(:, 8) = 16,

whence, from (i.

130-2)

But the left hand member is dependent only on i, and ., .
‘ight hand member only on #-6. It follows that 7 muse be
constant and from :20-1) the same is true of the rate of in
‘erest 1.
Thus we hav

Allais - pag. v,