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On optimal growth when there are many goods and factors

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  • Franz Gehrels

Abstract

This paper summarizes some findings with respect to optimal growth when saving and the state of the arts are endogenous, natural resources shrink, and the numbers of goods and basic factors are possibly large. Outcomes of some numerical experiments are reported. The dynamic-programming algorithm is used for time-optimization and linear programming for instantaneous optimization. Progress can plausibly balance out depletion, without the help of capital accumulation. Many goods can produce a multiplicity of maximal extreme points in solution space, from which the productioin-possibility frontier becomes a multiple-dimensional hyperplane, moving outward over time. Copyright International Atlantic Economic Society 1997

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  • Franz Gehrels, 1997. "On optimal growth when there are many goods and factors," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 25(3), pages 227-233, September.
    • Handle: RePEc:kap:atlecj:v:25:y:1997:i:3:p:227-233
    DOI: 10.1007/BF02298406
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