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Chapter 7 The Ramsey model - ku

Chapter 7 The Ramsey modelAs early as 1928 a sophisticated model of a society s optimal saving was pub-lished by the British mathematician Frank Ramsey (1903-1930). Ramsey scontribution was mathematically demanding and did not experience a strongresponse at the time. Three decades had to pass until his contribution wastaken up seriously (Samuelson and solow , 1956). The model was fusionedwith solow s simpler growth model ( solow 1956) and became a cornerstonein neoclassical growth theory from the mid 1960s. The version of the modelwhich we present below was completed by the work of Cass (1965) and Koop-mans (1965). Hence the model is also known as model is one of the basic workhorse models of macroeconomics. Itcanbeseenasplacedatoneendofalinesegmen t,withanotherworkhorsemodel as placed at the other end, namely Diamond s overlapping generationsmodel.

with Solow’s simpler growth model (Solow 1956) and became a cornerstone in neoclassical growth theory from the mid 1960s. The version of the model which we present below was completed by the work of Cass (1965) and Koop-mans (1965). Hence the model is also known as the Ramsey-Cass-Koopmans model. The model is one of the basic workhorse models ...

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