Efficient Economic Growth / by Stefan Homburg.
The book is about the well-known problem that a perfectly competitive economy, even if endowed with perfect foresight, can grow in an efficient manner. The causes of this strange inefficiency are analyzed, and sufficientconditions for efficient economic growth are discussed. The most important contr...
Saved in:
| Online Access: |
Full Text (via Springer) |
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| Main Author: | |
| Format: | eBook |
| Language: | English |
| Published: |
Berlin, Heidelberg :
Springer Berlin Heidelberg,
1992.
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| Series: | Microeconomic studies.
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| Subjects: |
MARC
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| 100 | 1 | |a Homburg, Stefan. | |
| 245 | 1 | 0 | |a Efficient Economic Growth / |c by Stefan Homburg. |
| 260 | |a Berlin, Heidelberg : |b Springer Berlin Heidelberg, |c 1992. | ||
| 300 | |a 1 online resource (viii, 107 pages) | ||
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| 490 | 1 | |a Microeconomic Studies, |x 1431-6005. | |
| 505 | 0 | |a 1. Introduction -- 2. Dynamic Efficiency -- 2.1 The Basic Model -- 2.2 A General Theorem on Dynamic Efficiency -- 2.3 Some Further Results -- 2.4 Storable Consumer Goods -- 2.5 The Failure of the First Basic Welfare Theorem -- 2.6 A Stronger Condition -- 2.7 A Remark on Necessary Conditions -- 2.8 Conclusion -- 3. Interest and Growth -- 3.1 Commodity Own Rates of Interest -- 3.2 The Asset-augmented Economy -- 3.3 Interest, Growth, and Dynamic Efficiency -- 3.4 Conclusion -- 4. An Economy with Land -- 4.1 A Characterization of Land -- 4.2 Land as a Consumption Good -- 4.3 Land as a Factor of Production -- 4.4 The Land's Income Share -- 4.5 Land and Dynamic Efficiency -- 4.6 A Stronger Efficiency Result -- 4.7 Conclusion -- 5. Exhaustible Resources -- 5.1 A Characterization of Exhaustible Resources -- 5.2 Exhaustible Resources as Consumption Goods -- 5.3 Exhaustible Resources as Factors of Production -- 5.4 The Hotelling Rule -- 5.5 Exhaustible Resources and Dynamic Efficiency -- 5.6 Efficient Use of Exhaustible Resources -- 5.7 Conclusion -- 6. Examples and Applications -- 6.1 Dynamic Efficiency in a Simple Growth Model -- 6.2 A Simple Economy with Land -- 6.3 Turgot's Theory of Fructification -- 6.4 A Capital Reserve System without Capital -- 6.5 Old Masters and Bubbles -- 6.6 A Simple Economy with an Exhaustible Resource -- References -- Name Index. | |
| 520 | |a The book is about the well-known problem that a perfectly competitive economy, even if endowed with perfect foresight, can grow in an efficient manner. The causes of this strange inefficiency are analyzed, and sufficientconditions for efficient economic growth are discussed. The most important contribution is the elaboration of a rather well-known, yet unproved, hypothesis which says that the existence of a nonproducible productive asset, like land, prevents dynamic inefficiency. This is shown to hold outside steady state growth paths. Applications of the theoretical concepts and results are straightforward and are discussed in detail. The applications include the efficient use of exhaustible resources over time, the possibility of "bubbles" in financial markets, the theory of interest rates, and questions concerning optimal social security. | ||
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