Abstract
So far we have not introduced any consideration which would allow us to decide which point on the wage interest curve is being chosen by any given economy growing in a steady state. To solve this open problem we have to introduce the households in the economy and their intertemporal decisions. We first consider a single household whose lifetime extends from some periode to to some period to+λ. We assume perfect certainty and we assume that the wealth of the household is zero at to as well as to+λ.
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References
J. E. Meade, Life-Cycle Savings, Inheritance and Economic Growth, RES, Vol. 33, p. 61–78
J. Tobin, Life-Cycle Saving and Balanced Growth, in Ten Economic Studies in the Tradition of Irving Fisher, New York-London-Sidney 1967, p. 231–256
H. G. Nutzinger und E. Wolfstetter, Überlegungen zur Marxschen Ökonomie, Manuskript,Heidelberg 1970
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© 1971 Springer-Verlag Berlin · Heidelberg
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von Weizsäcker, C.C. (1971). General Equilibrium of Steady States. In: Steady State Capital Theory. Lecture Notes in Operations Research and Mathematical Systems, vol 54. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-80646-9_16
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DOI: https://doi.org/10.1007/978-3-642-80646-9_16
Publisher Name: Springer, Berlin, Heidelberg
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