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On the Stability of the Ramsey Accumulation Path

In: Sraffa and the Reconstruction of Economic Theory: Volume One

Author

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  • Enrico Bellino

Abstract

Infinite horizon neoclassical optimal accumulation theory is characterised by an analytical apparatus that now pervades several fields of theoretical analysis: capital theory, growth and value theory, macrodynamics, etc. In this context the equilibrium solutions take the form of saddle paths which are, therefore, unstable paths. The convergence of these solutions to the steady-state equilibrium is then ensured by imposing a transversality condition, that is, a condition which guarantees the optimality of the solution when time tends to infinity.

Suggested Citation

  • Enrico Bellino, 2013. "On the Stability of the Ramsey Accumulation Path," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume One, chapter 4, pages 70-104, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31683-7_5
    DOI: 10.1057/9781137316837_5
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    Citations

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    Cited by:

    1. Enrico Bellino & Secondo Autore & Terzo Autore & Quarto Autore, 2018. "A new solution to an old problem: a temporary equilibrium version of the Ramsey model," DISCE - Quaderni del Dipartimento di Scienze Economiche e Sociali dises1836, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    2. Teglio, Andrea & Catalano, Michele & Petrovic, Marko, 2014. "Myopic households on a stable path: the neoclassical growth model with rule-based expectations," MPRA Paper 120253, University Library of Munich, Germany.
    3. Betül Mutlugün, 2022. "Endogenous income distribution and aggregate demand: Empirical evidence from heterogeneous panel structural vector autoregression," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 583-637, May.

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