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Optimum Population Growth with CIES Preference in the Infinite- Horizon Ramsey Model

Author

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  • Ralph Z. Wang

    (College of Economics, Zhejiang University)

Abstract

When the preference over intertemporal consumptions is of CIES type and human capital enters the production function in a secific way, we show that the optimum population growth rate is exactly the subjective discount rate in an infinite-horizon Ramsey Model.

Suggested Citation

  • Ralph Z. Wang, 2005. "Optimum Population Growth with CIES Preference in the Infinite- Horizon Ramsey Model," Labor and Demography 0507007, EconWPA.
  • Handle: RePEc:wpa:wuwpla:0507007 Note: Type of Document - pdf; pages: 7
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    File URL: http://econwpa.repec.org/eps/lab/papers/0507/0507007.pdf
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    References listed on IDEAS

    as
    1. Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters,in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
    2. Becker, Gary S & Lewis, H Gregg, 1973. "On the Interaction between the Quantity and Quality of Children," Journal of Political Economy, University of Chicago Press, vol. 81(2), pages 279-288, Part II, .
    3. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
    4. Barro, Robert J & Becker, Gary S, 1989. "Fertility Choice in a Model of Economic Growth," Econometrica, Econometric Society, vol. 57(2), pages 481-501, March.
    5. Wang, Ping & Yip, Chong K & Scotese, Carol A, 1994. "Fertility Choice and Economic Growth: Theory and Evidence," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 255-266, May.
    6. David Cass, 1964. "Optimum Economic Growth in an Aggregative Model of Capital Accumulation: A Turnpike Theorem," Cowles Foundation Discussion Papers 178, Cowles Foundation for Research in Economics, Yale University.
    7. Palivos, Theodore, 1995. "Endogenous fertility, multiple growth paths, and economic convergence," Journal of Economic Dynamics and Control, Elsevier, vol. 19(8), pages 1489-1510, November.
    8. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
    9. Gary S. Becker & Robert J. Barro, 1988. "A Reformulation of the Economic Theory of Fertility," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 1-25.
    10. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-538, October.
    11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    More about this item

    Keywords

    Population growth; CIES function; Ramsey Model;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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