Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: On the concept of optimal economic growth / Tjalling C. Koopmans, Cowles Foundation for research in Econimics at Yale University New Haven, Conn. - U.S.A.

Collection:: Economics Books

SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIOUE ETC LA As explained already in Section 1, this simple integration of an instantaneous utility flow u(x,) implies noncomplemen- tarity between consumption in anv two or more parts of the future. We shall assume that the instantaneous utility flow is a strictly concave, increasing and twice differentiable function u(x) of the instantaneous consumption flow x. This function does not change with time, and is defined for all x>0. Strict concavity implies that we attribute greater weight to the mar- ginal unit of per capita consumption of a poor generation as compared with a rich one. To assume u(x) increasing rules out saturation. Finally, instead of introducing a subsistence minimum, we shall require that (15) line ae. a strong incentive to avoid periods of very low consumptio.. as much as is feasible. Let #=u(£) denote the instantaneous utility flow derivec from the consumption flow per worker of the path x, =x, ., ., of the golden rule. We shall now work with the difference be- tween the integral (14) for any given feasible path and its value for the golden rule path, and study the behavior of this diffe- rence as T goes to infinity. The following propositions can be proved (for proofs see Appendix). (16) (A) There 1s a number U such (ce ve ha u dl ~~ for all feasible paths (x,, 2, and for all horizons T ‘al Koopmans - pag. 1°

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