By Wei-Bin Zhang (auth.)
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5 introduces public goods into the OSG model and shows possible increasing retums to scale in the dynamic system. 6 examines the one-sector economic system in which capital stocks are employed both for economic and home production. 7 introduces environment into the OSG model. 8 studies interactions between economic development and population growth. 9 introduces money into the OSG model and examines issues related to money neutrality. 10 studies the dynamics of a small open economy. 11 discusses the theoretical foundations of the utility function proposed in this study.
Time is at the center of the chief difficulty of almost every economic problem. The role of time in decision-making and action is becoming increasingly complicated as the variety of action and social networks is expanding. It is a difficult issue to decide the length of time which affects a particular decision making since each kind of human decision is made with different timescaIes and two people may have different timescales with regard to the same kind of decision making. Because of the high variety of human behavior and timescales, in order to analyze a single person's economic behavior as a whole we have to conduct the analysis within a framework with varied timescaIes.
Along the locus defined by c(t) = f(t) - nk(t), the change rate of the capital-labor ratio equals zero. The capital-labor ratio falls above the curve and increases below it. With the requirement p> n (without which the utility becomes unbounded along feasible paths), the intersection of the two curves determines a unique steady state, (k', c'). 1 The dynamics ofthe Ramsey model 18 Economic Growth with Income and Wealth Distribution The local stability of the c - k syslem is detennined by the characteristic roots of the following matrix of the coefficients of k(t) and c(t) equations linearized around the equilibrium point Ok -1]o .
Economic Growth with Income and Wealth Distribution by Wei-Bin Zhang (auth.)