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Optimum Savings And Optimal Growth: The Cass–Malinvaud–Koopmans Nexus

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  • Spear, Stephen E.
  • Young, Warren

Abstract

This paper surveys the contributions of David Cass, Tjalling Koopmans, and Edmond Malinvaud over the decades during which modern optimal growth theory was developed. By utilizing material ranging from dissertations, drafts, and working papers through conference presentations, discussions, and published papers, we show that both Malinvaud and Cass had significant impacts on the evolution of Koopman's thought, and the development of his part of what is known as “the Cass–Koopmans model.” Based on our findings, we conclude that the modern optimal growth model should include the contributions of Malinvaud, and be retitled “the Cass–Malinvaud–Koopmans” model accordingly.

Suggested Citation

  • Spear, Stephen E. & Young, Warren, 2014. "Optimum Savings And Optimal Growth: The Cass–Malinvaud–Koopmans Nexus," Macroeconomic Dynamics, Cambridge University Press, vol. 18(1), pages 215-243, January.
    • Handle: RePEc:cup:macdyn:v:18:y:2014:i:01:p:215-243_00
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    1. repec:bla:ecorec:v:78:y:2002:i:243:p:375-80 is not listed on IDEAS
    2. Leonid Hurwicz, 1967. "Programming Involving Infinitely Many Variables and Constraints," International Economic Association Series, in: E. Malinvaud & M. O. L. Bacharach (ed.), Activity Analysis in the Theory of Growth and Planning, chapter 0, pages 142-149, Palgrave Macmillan.
    3. K. Arrow, 2010. "Some Developments in Economic Theory Since 1940: An Eyewitness Account," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
    4. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    5. S. Chakravarty, 1967. "Alternative Preference Functions in Problems of Investment Planning on the National Level," International Economic Association Series, in: E. Malinvaud & M. O. L. Bacharach (ed.), Activity Analysis in the Theory of Growth and Planning, chapter 0, pages 150-169, Palgrave Macmillan.
    6. Trevor W. Swan, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-380, December.
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    Cited by:

    1. Matheus Assaf & Pedro Garcia Duarte, 2018. "Utility Matters: Edmond Malinvaud and growth theory in the 1950s and 1960s," Working Papers, Department of Economics 2018_03, University of São Paulo (FEA-USP).
    2. Mauro BoianovskyBy, 2017. "Optimum saving and growth: Harrod on dynamic welfare economics," Oxford Economic Papers, Oxford University Press, vol. 69(4), pages 1120-1137.
    3. Jean-Bernard Chatelain & Kirsten Ralf, 2020. "How macroeconomists lost control of stabilization policy: towards dark ages," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(6), pages 938-982, November.
    4. Jun, Bogang & Kim, Tai-Yoo, 2015. "A neo-Schumpeterian perspective on the analytical macroeconomic framework: The expanded reproduction system," Hohenheim Discussion Papers in Business, Economics and Social Sciences 11-2015, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    5. Liuchun Deng & Minako Fujio & M. Ali Khan, 2023. "On optimal extinction in the matchbox two-sector model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(2), pages 445-494, August.
    6. Liuchun Deng & Minako Fujio & M. Ali Khan, 2022. "On Sustainability and Survivability in the Matchbox Two-Sector Model: A Complete Characterization of Optimal Extinction," Papers 2202.02209, arXiv.org.

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