Transcription of Chapter 7 The Ramsey model - ku
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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.
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 of macroeconomics. It
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