Investment Criteria for Economic Development and the Theory of Intertemporal Welfare Economics

Otto Eckstein

The Quarterly Journal of Economics, 1957, vol. 71, issue 1, 56-85

Abstract: Introduction, 56. — I. The "ideal" criterion under perfect competition, 57. — II. Capital rationing: the SMP criterion in a closed economy, 59; correcting market prices to reflect social values, 60; the interest rate in the SMP criterion, 63. — III. Modifying the rate of capital accumulation: the MGC criterion, 65. — IV. The interest rate in development planning, 74. — V. Some extensions of the analysis, 79; the optimal interest rate for the SMP criterion, 79; multiple rationing: investment criteria in the open economy, 81. — VI. Some limitations of the analysis, 83; population still an exogenous variable, 83; income distribution assumed satisfactory, 83. — VII. Concluding comments, 84.

Date: 1957
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