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The Price for the Widow's Cruse: Or the Value of an Infinitely Productive Asset

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Abstract

This paper considers two basic problems: The first is the necessity for introducing government money (as contrasted with individual credit) and an infinitely lived government in an overlapping generations economy. The second concerns the evaluation of the price of an infinitely productive asset in an economy without a natural discount factor.

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  • Martin Shubik, 1990. "The Price for the Widow's Cruse: Or the Value of an Infinitely Productive Asset," Cowles Foundation Discussion Papers 959, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:959
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    1. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    2. Muller, Walter III & Woodford, Michael, 1988. "Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers," Journal of Economic Theory, Elsevier, vol. 46(2), pages 255-290, December.
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