Endogenous Growth in Multisector Ramsey Models
In this paper, the author gives sufficient conditions for the existence of endogenously growing optimal paths in a general multisector Ramsey model of optimal capital accumulation. The key assumption involves the existence of a positive vector of capital stocks, which admits strictly positive consumption and expansibility in inverse proportion to the utility discount factor. If the technology set contains the ray through such a point, in addition to standard convexity and inferiority assumptions, then optimal paths grow without bound from any strictly positive initial stocks. The result unifies a number of existing models in the growth theory literature. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Volume (Year): 37 (1996)
Issue (Month): 2 (May)
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