Endogenous Sustainable Growth
AbstractFirst, this paper demonstrates that growth is compatible with Rawlsian justice, even when considering human capital accumulation and heterogeneous natural resources. Second, this result confirms the widely cited, yet disputable, argument offered by Burmeister and Hammond (1977) who apply the standard Lagrangian methodology to a continuum of nonlinear constraints. In fact, legitimate strategies for working with a continuum of constraints are complex. Existence of a general approach remains an open mathematical question. The approach employed herein circumvents this issue by internalizing constraints and demonstrating two sufficient conditions which, with the Peano Existence Theorem, guarantee existence of a maximin path.
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Bibliographic InfoPaper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0007.
Date of creation: Jun 2000
Date of revision:
Publication status: Published in Contributions to Theoretical Economics, Vol. 6:1, article 6.
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