 One-Sector Growth (OSG) Economies with Capital AccumulationChapter 2 in Economic Growth with Income and Wealth Distribution, 2006, pp 37-118 from Palgrave Macmillan Abstract: Abstract The previous chapter introduced some key models in economic growth theory. As mentioned before, this book will make a contribution to the study of growth with income and wealth distribution by proposing an alternative approach to consumers. This chapter introduces the basic model in our alternative approach to economic growth and development with income and wealth distribution. The main deviation from traditional approaches is the introduction of an alternative approach to modeling consumer behavior. As observed by Frederick et al. (2002: 383–84) The [discounted utility] model, which continues to be widely used by economists, has little empirical support. Even its developers — Samuelson, who originally proposed the model, and Koopmans, who provided the first axiomatic derivation — had concerns about its descriptive realism, and it was never empirically validated as the appropriate model for intertemporal choice. … [Developing descriptively adequate models of intertemporal choice will not be easy. Keywords: Capital Stock; Capital Accumulation; Disposable Income; Saving Rate; Indifference Curve (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50633-6_2 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.