Sustainability, optimality, and viability in the Ramsey model

Noël Bonneuil () and Raouf Boucekkine ()
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Noël Bonneuil: Institut national d'études démographiques, and Ecole des hautes études en sciences sociales, F-75980 Paris cedex 20, France

No 2009074, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: The Ramsey model of economic growth is revisited from the point of view of viability. A viable state is a state from which there exists at least one tra jectory that remains in the set of constraints of minimal consumption and positive wealth. Viability is presented with a constraint of minimal consumption, then with an additional criterion of economic sustainability. The comparison of viability kernels with or without sustainability shows how much consumption should be reduced and when. The viable-optimal solution in the sense of inter-temporal consumption is obtained on the viability boundary of an auxiliary system. Technological progress works against population growth to favor the possibility for a given state of being viable or viable-sustainable.

Keywords: viability theory; optimization; sustainability; Ramsey model (search for similar items in EconPapers)
JEL-codes: C61 C63 C65 O41 (search for similar items in EconPapers)
Date: 2009-11-01
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Citations: View citations in EconPapers (7)

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Working Paper: Sustainability, optimality, and viability in the Ramsey model (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:2009074

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