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Golden Rules of Economic Growth : Studies of Efficient and Optimal Investment
Golden Rules of Economic Growth : Studies of Efficient and Optimal Investment
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Author(s): Phelps, Edmund
Phelps, Edmund S.
ISBN No.: 9780393330564
Pages: 208
Year: 196606
Format: Perfect (Trade Paper)
Price: $ 41.40
Dispatch delay: Dispatched between 7 to 15 days
Status: Available

This volume of twelve interlocked essays in mathematical economics deals with a central problem of modern economic theory: the search for a path to an optimum level of economic growth. The meaning of the Golden Rule concept is thoroughly expounded, and certain analogues are presented to show that the fundamental notion of a "commanding" growth path is encountered even in models in which no pure and simple Golden Rule path exists. The Golden Rule concept is tested and applied to a number of theoretical formulations and then extended to several kinds of investment other than capital formation, as the author postulates a Golden Rule of Research, a Golden Rule of Education, and even a concept dealing with population control-a Golden Rule of Procreation. This thorough and original work is important reading for students of macroeconomic theory, growth, development, and capital theory.


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