Endogenous Growth in Multisector Ramsey Models

Jim Dolmas

International Economic Review, 1996, vol. 37, issue 2, 403-21

Abstract: In this paper, the author gives sufficient conditions for the existence of endogenously growing optimal paths in a general multisector Ramsey model of optimal capital accumulation. The key assumption involves the existence of a positive vector of capital stocks, which admits strictly positive consumption and expansibility in inverse proportion to the utility discount factor. If the technology set contains the ray through such a point, in addition to standard convexity and inferiority assumptions, then optimal paths grow without bound from any strictly positive initial stocks. The result unifies a number of existing models in the growth theory literature. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1996
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