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Viable Ramsey economies

Author

Listed:
  • Noël Bonneuil
  • Raouf Boucekkine

Abstract

The Ramsey model of economic growth is revisited from the perspective of viability theory. The Ramsey model, augmented with minimal consumption and sustainability criteria, becomes a viability problem. The framework allows for a clear picture of optimal viable, optimal nonviable, and viable nonoptimal paths. The drastic sacrifices in terms of present consumption required by the implementation of Brundtland sustainability are visualized, the rich countries bearing the major part of the burden. The econometric analysis of viability sets enhances the role of technological progress in ensuring Brundtland sustainability. Preference parameters such as the pure time preference rate are statistically nonsignificant.

Suggested Citation

  • Noël Bonneuil & Raouf Boucekkine, 2014. "Viable Ramsey economies," Canadian Journal of Economics, Canadian Economics Association, vol. 47(2), pages 422-441, May.
    • Handle: RePEc:cje:issued:v:47:y:2014:i:2:p:422-441
    DOI: 10.1111/caje.12084
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    Cited by:

    1. Girol Karacaoglu & Jacek B. Krawczyk, 2021. "Public policy, systemic resilience and viability theory," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 826-848, November.
    2. Marc Germain, 2016. "A simple degrowth model," Working Papers 2016.21, FAERE - French Association of Environmental and Resource Economists.
    3. Pedro Gajardo & Luc Doyen, 2018. "Viability standards and multi-criteria maximin," Cahiers du GREThA (2007-2019) 2018-04, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    4. Noël Bonneuil & Raouf Boucekkine, 2016. "Viable Nash Equilibria in the Problem of Common Pollution," Working Papers halshs-01341983, HAL.
    5. Jacek B. Krawczyk & Vladimir P. Petkov, 2022. "A Qualitative Game of Interest Rate Adjustments with a Nuisance Agent," Games, MDPI, vol. 13(5), pages 1-24, August.
    6. Phoebe Koundouri & Georgios I. Papayiannis & Athanasios Yannacopoulos, 2022. "Optimal Control Approaches to Sustainability under Uncertainty," DEOS Working Papers 2215, Athens University of Economics and Business.
    7. Germain, Marc, 2017. "Optimal Versus Sustainable Degrowth Policies," Ecological Economics, Elsevier, vol. 136(C), pages 266-281.
    8. Bonneuil, N. & Boucekkine, R., 2016. "Optimal transition to renewable energy with threshold of irreversible pollution," European Journal of Operational Research, Elsevier, vol. 248(1), pages 257-262.
    9. Valérie Angeon & Samuel Bates, 2020. "Implementing the agroecological transition: an analysis of decision-making rules in banana farming systems in the French West Indies [Mettre en œuvre la transition agroécologique : une analyse des ," Post-Print hal-03135324, HAL.

    More about this item

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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