In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a...In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a more appropriate objective function are suggested. In this new framework we determine the conditions required to ensure exponentially growing, as opposed to declining, consumption. Optimal per capita consumption will be less likely to be incerasing when: the educational efficiency is low; the planner cares little about future; population grows rapidly; and the elasticity of marginal utility is high.展开更多
In this paper, the balanced economic growth path was considered in a new growth model with endogenous technical progress. It is not only obtained the optimal allocation about capital and labor between a goods-producin...In this paper, the balanced economic growth path was considered in a new growth model with endogenous technical progress. It is not only obtained the optimal allocation about capital and labor between a goods-producing sector and a R&D Sector, but also the optimal value of saving rates. By discussing the effect of parameters, it are also got the following results: When the rate of time preference (discount factor) rising, the fractions of Capital and labor in the goods-producing sector will increase, the fractions in R&D sector and the saving rates will decrease; When the population grows rapidly, the result will be contrary.展开更多
文摘In this paper we consider optimal economic growth in the presence of exhaustible resource, exogenous population growth, and endogenous technical progress. A production function with endogenous technical progress and a more appropriate objective function are suggested. In this new framework we determine the conditions required to ensure exponentially growing, as opposed to declining, consumption. Optimal per capita consumption will be less likely to be incerasing when: the educational efficiency is low; the planner cares little about future; population grows rapidly; and the elasticity of marginal utility is high.
文摘In this paper, the balanced economic growth path was considered in a new growth model with endogenous technical progress. It is not only obtained the optimal allocation about capital and labor between a goods-producing sector and a R&D Sector, but also the optimal value of saving rates. By discussing the effect of parameters, it are also got the following results: When the rate of time preference (discount factor) rising, the fractions of Capital and labor in the goods-producing sector will increase, the fractions in R&D sector and the saving rates will decrease; When the population grows rapidly, the result will be contrary.
