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One-Sector Growth (OSG) Economies with Capital Accumulation

In: Economic Growth with Income and Wealth Distribution

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  • Wei-Bin Zhang

Abstract

The previous chapter introduced some key models in economic growth theory. As mentioned before, this book will make a contribution to the study of growth with income and wealth distribution by proposing an alternative approach to consumers. This chapter introduces the basic model in our alternative approach to economic growth and development with income and wealth distribution. The main deviation from traditional approaches is the introduction of an alternative approach to modeling consumer behavior. As observed by Frederick et al. (2002: 383–84) The [discounted utility] model, which continues to be widely used by economists, has little empirical support. Even its developers — Samuelson, who originally proposed the model, and Koopmans, who provided the first axiomatic derivation — had concerns about its descriptive realism, and it was never empirically validated as the appropriate model for intertemporal choice. … [Developing descriptively adequate models of intertemporal choice will not be easy.

Suggested Citation

  • Wei-Bin Zhang, 2006. "One-Sector Growth (OSG) Economies with Capital Accumulation," Palgrave Macmillan Books, in: Economic Growth with Income and Wealth Distribution, chapter 2, pages 37-118, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50633-6_2
    DOI: 10.1057/9780230506336_2
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