SOCIAL COMMON CAPITAL, IMPUTED PRICE, AND SUSTAINABLE DEVELOPMENT

Hirofumi Uzawa

Macroeconomic Dynamics, 2010, vol. 14, issue 2, 149-165

Abstract: In this paper, we prove in terms of the prototype model of social common capital that the optimum conditions for sustainable processes of capital accumulation involving both private capital and social common capital coincide precisely with those for market equilibrium with the social common capital taxes at certain specific rates under the stationary expectations hypothesis concerning the future schedule of marginal productivity of capital of all kinds.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:14:y:2010:i:02:p:149-165_09

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