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Optimal Population Growth and the Social Welfare Function

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  • Marietta A. Constantinides

Abstract

In this paper, optimum population and investment policies are analyzed in an optimal growth model where the social welfare function is of the form u(c, L). Two cases are considered: those of a constant returns to scale technology and a decreasing returns to scale technology. A modified Meade Rule for optimal population growth is derived. It is also shown that an optimal growth rate of population exists and allows for capital accumulation along the modified Golden Rule path. The results indicate a synthesis, in this model, of the per capita and the total utility approaches to this problem.

Suggested Citation

  • Marietta A. Constantinides, 1988. "Optimal Population Growth and the Social Welfare Function," Eastern Economic Journal, Eastern Economic Association, vol. 14(3), pages 229-238, Jul-Sep.
    • Handle: RePEc:eej:eeconj:v:14:y:1988:i:3:p:229-238
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume14/V14N3P229_238.pdf
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    References listed on IDEAS

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    1. W. Brian Arthur & Geoffrey McNicoll, 1977. "Optimal Time Paths with Age-Dependence: A Theory of Population Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(1), pages 111-123.
    2. Gary Anthony Gigliotti, 1983. "Total Utility, Overlapping Generations and Optimal Population," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(1), pages 71-86.
    3. John S. Lane, 1975. "A Synthesis of the Ramsey-Meade Problems when Population Change is Endogenous," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(1), pages 57-66.
    4. P. S. Dasgupta, 1969. "On the Concept of Optimum Population," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(3), pages 295-318.
    5. Nerlove, Marc & Razin, Assaf & Sadka, Efraim, 1982. "Population size and the social welfare functions of Bentham and Mill," Economics Letters, Elsevier, vol. 10(1-2), pages 61-64.
    6. Tjalling C. Koopmans, 1966. "Objectives, Constraints and Outcomes in Optimal Growth Models," Cowles Foundation Discussion Papers 212, Cowles Foundation for Research in Economics, Yale University.
    7. Marc Nerlove & Assaf Razin & Efraim Sadka, 1985. "Population Size: Individual Choice and Social Optima," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(2), pages 321-334.
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    Cited by:

    1. Raouf Boucekkine & Blanca Martínez & J. Ramon Ruiz-Tamarit, 2018. "Optimal Population Growth as an Endogenous Discounting Problem: The Ramsey Case," Lecture Notes in Economics and Mathematical Systems, in: Gustav Feichtinger & Raimund M. Kovacevic & Gernot Tragler (ed.), Control Systems and Mathematical Methods in Economics, pages 321-347, Springer.

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