Back to the Sixties: A Note on Multi-Primary-Factor Linear Models with Homogeneous Capital

Giuseppe Freni

MPRA Paper from University Library of Munich, Germany

Abstract: This paper extends Bruno's (1967) one capital good two-sector growth model with discrete technology by allowing multiple primary factors of production. While the existence of an optimal steady state is established for any positive rate of discount, an example in which three "modified golden rules" exist shows that the optimal steady state is non necessarily unique. The extended model provides a simple exemplification of the more general principle that the presence of multiple primary factors of production into homogeneous capital models can definitively result into the same complications that arise when there is joint production.

Keywords: Homogeneous capital; Multiple primary factors; Linear activity models; Duality. (search for similar items in EconPapers)
JEL-codes: C62 O41 (search for similar items in EconPapers)
Date: 2016-09-16
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https://mpra.ub.uni-muenchen.de/77617/8/MPRA_paper_77617.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:73677

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