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Chapter 3 The Neoclassical Growth Model

Chapter 3. The Neoclassical Growth Model 75. Economic Growth : Lecture Notes In the Solow Model , agents in the economy (or the dictator) follow a simplistic linear rule for con . sumption and investment. In the Ramsey Model , agents (or the dictator) choose consumption and investment optimally so as to maximize their individual utility (or social welfare). The Social Planner In this section, we start the analysis of the Neoclassical Growth Model by considering the optimal plan of a benevolent social planner, who chooses the static and intertemporal allocation of resources in the economy so as to maximize social welfare.

The latter means that either kT +1 = 0, or otherwise it better be that the shadow value of kT +1 is zero. When T = ∞, the terminal condition βT λ T kT +1 = 0 is replaced by the transversality condition lim βtλ tkt+1 = 0, t→∞ which means that the (discounted) shadow value of capital converges to zero. Equivalently, lim βtU c(ct,zt)kt+ ...

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