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Endogenous Growth in Multisector Ramsey Models

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  • Dolmas, Jim

Abstract

In this paper, the author gives sufficient conditions for the existence of endogenously growing optimal paths in a general multisector Ramsey model of optimal capital accumulation. The key assumption involves the existence of a positive vector of capital stocks, which admits strictly positive consumption and expansibility in inverse proportion to the utility discount factor. If the technology set contains the ray through such a point, in addition to standard convexity and inferiority assumptions, then optimal paths grow without bound from any strictly positive initial stocks. The result unifies a number of existing models in the growth theory literature. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Dolmas, Jim, 1996. "Endogenous Growth in Multisector Ramsey Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(2), pages 403-421, May.
    • Handle: RePEc:ier:iecrev:v:37:y:1996:i:2:p:403-21
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    Citations

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    Cited by:

    1. Jensen, Martin Kaae, 2012. "Global stability and the “turnpike” in optimal unbounded growth models," Journal of Economic Theory, Elsevier, vol. 147(2), pages 802-832.
    2. Jensen, Martin Kaae, 2006. "On unbounded growth with heterogenous consumers," Journal of Mathematical Economics, Elsevier, vol. 42(7-8), pages 807-826, November.
    3. Giorgio Fabbri & Silvia Faggian & Giuseppe Freni, 2023. "Growth models with externalities on networks," Working Papers 2024-04, Grenoble Applied Economics Laboratory (GAEL).
    4. Kamihigashi, Takashi & Roy, Santanu, 2007. "A nonsmooth, nonconvex model of optimal growth," Journal of Economic Theory, Elsevier, vol. 132(1), pages 435-460, January.
    5. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2024. "On competition for spatially distributed resources in networks," Theoretical Economics, Econometric Society, vol. 19(2), May.
    6. Long, N.V. & Wong, K.Y., 1996. "Endogenous Growth and International Trade: A Survey," Discussion Papers in Economics at the University of Washington 96-07, Department of Economics at the University of Washington.
    7. Badibanga, Thaddee Mutumba, 2008. "Analyzing Growth and Welfare Effects of Public Policies in Models of Endogenous Growth with Human Capital: Evidence from South Africa," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6431, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Michele Boldrin & David K Levine, 2005. "Perfectly Competitive Innovation (Growth)," Levine's Working Paper Archive 122247000000000886, David K. Levine.
    9. Jean-Pierre Drugeon, 2013. "On the emergence of competitive equilibrium growth cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 397-427, January.
    10. Kaganovich, Michael, 1998. "Sustained endogenous growth with decreasing returns and heterogeneous capital," Journal of Economic Dynamics and Control, Elsevier, vol. 22(10), pages 1575-1603, August.
    11. Santanu Roy, 2010. "On sustained economic growth with wealth effects," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(1), pages 29-45, March.
    12. Harutaka Takahashi, 2008. "Optimal balanced growth in a general multi-sector endogenous growth model with constant returns," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(1), pages 31-49, October.

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