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Saving for Justice

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  • Gardner, Roy

Abstract

One of the central issues of welfare macroeconomics is, How much ought I a nation to save? The classic answer of Ramsey [11], that savings is optimal if it maximizes the integral of utility over time subject to the national income constraint, has guided research in the area for half a century. Recently this dominion of utilitarianism has come under scrutiny. Mirrlees, for instance, has shown how Ramsey's rule breaks down in the presence of technical change and population growth. Moreover, if the scope of the question is not merely efficiency but also justice, the whole framework of utility maximization may be indefensible. Thus, Rawls in his theory of justice remarks!

Suggested Citation

  • Gardner, Roy, 1979. "Saving for Justice," ISU General Staff Papers 197901010800001064, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:197901010800001064
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    References listed on IDEAS

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    1. J. A. Mirrlees, 1967. "Optimum Growth when Technology is Changing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 95-124.
    2. Calvo, Guillermo A, 1977. "Optimal Maximin Accumulation with Uncertain Future Technology," Econometrica, Econometric Society, vol. 45(2), pages 317-327, March.
    3. Paul Grout, 1977. "A Rawlsian Intertemporal Consumption Rule," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(2), pages 337-346.
    4. Ordover, J A & Phelps, Edmund S, 1975. "Linear Taxation of Wealth and Wages for Intragenerational Lifetime Justice: Some Steady-State Cases," American Economic Review, American Economic Association, vol. 65(4), pages 660-673, September.
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