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Keynes-Ramsey Rule and its Implications in a Two-Sector Optimal Growth Model

Author

Listed:
  • Haruo Kataoka

    (Meisei University)

  • Hiroaki Hashimoto

    (Asia University)

Abstract

We expand Ramsey's bliss model into a discounted two-sector one under production externalities and homogeneity of relevant functions. By adopting a point transformation which transforms all of the variables except time, we can readily demonstrate that the transformed two-sector model has an invariance equation which is considered as an extended form of the well-known Ramsey rule in his bliss model. We then derive an explicit solution to our two-sector model by the extensive use of the invariance equation under some mild conditions.

Suggested Citation

  • Haruo Kataoka & Hiroaki Hashimoto, 2008. "Keynes-Ramsey Rule and its Implications in a Two-Sector Optimal Growth Model," Discussion Papers 8, Meisei University, School of Economics.
    • Handle: RePEc:mei:wpaper:8
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    Cited by:

    1. Yoshiaki Hoshino & Ryuichiro Ishikawa & Akira Yamazaki, 2013. "Unequal Distribution of Powers in a Wicksellian Transfer Game," Discussion Papers 24, Meisei University, School of Economics.
    2. Akira Yamazaki, 2013. "Production Atomless Economies," Discussion Papers 25, Meisei University, School of Economics.

    More about this item

    Keywords

    Keynes-Ramsey rule; point transformation; homogeneity; externality; Hamiltonian;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D60 - Microeconomics - - Welfare Economics - - - General

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