Optimal Population Growth and the Social Welfare Function
AbstractIn this paper, optimum population and investment policies are analyzed in an optimal growth model where the social welfare function is of the form u(c, L). Two cases are considered: those of a constant returns to scale technology and a decreasing returns to scale technology. A modified Meade Rule for optimal population growth is derived. It is also shown that an optimal growth rate of population exists and allows for capital accumulation along the modified Golden Rule path. The results indicate a synthesis, in this model, of the per capita and the total utility approaches to this problem.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 14 (1988)
Issue (Month): 3 (Jul-Sep)
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- Lane, John S, 1975. "A Synthesis of the Ramsey-Meade Problems when Population Change is Endogenous," Review of Economic Studies, Wiley Blackwell, vol. 42(1), pages 57-66, January.
- Nerlove, Marc & Razin, Assaf & Sadka, Efraim, 1985. "Population Size: Individual Choice and Social Optima," The Quarterly Journal of Economics, MIT Press, vol. 100(2), pages 321-34, May.
- Arthur, W Brian & McNicoll, Geoffrey, 1977. "Optimal Time Paths with Age-Dependence: A Theory of Population Policy," Review of Economic Studies, Wiley Blackwell, vol. 44(1), pages 111-23, February.
- Dasgupta, Partha S, 1969. "On the Concept of Optimum Population," Review of Economic Studies, Wiley Blackwell, vol. 36(107), pages 295-318, July.
- Nerlove, Marc & Razin, Assaf & Sadka, Efraim, 1982. "Population size and the social welfare functions of Bentham and Mill," Economics Letters, Elsevier, vol. 10(1-2), pages 61-64.
- Gigliotti, Gary Anthony, 1983. "Total Utility, Overlapping Generations and Optimal Population," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 71-86, January.
- Tjalling C. Koopmans, 1966. "Objectives, Constraints and Outcomes in Optimal Growth Models," Cowles Foundation Discussion Papers 212, Cowles Foundation for Research in Economics, Yale University.
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