Capital accumulation and welfare: a note |
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Authors: | Guillermo A Calvo |
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Institution: | Columbia University, New York, NY 10027, USA |
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Abstract: | Diamond's neoclassical growth model with National Debt is reconsidered with respect to dynamic welfare considerations. Conditions under which capital deepening implies increasing welfare are dependent upon the stability of the steady state, the interest elasticity of savings, and the relationship between the marginal propensity to save and the elasticity of substitution in production. |
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