By Dr. Hans Ulrich Buhl (auth.)

ISBN-10: 3540160620

ISBN-13: 9783540160625

ISBN-10: 3642465684

ISBN-13: 9783642465680

The distribution of capital and source of revenue mostly and its re­ lation to wealth and financial progress specifically have attrac­ ted economists' curiosity for a very long time already. particularly the, a minimum of partly, conflicting nature of the 2 politi­ cal goals, particularly to acquire considerably huge monetary progress and a "just" source of revenue distribution even as, has triggered the subject to develop into an issue of political discussions. due to those discussions, a number of versions of staff' participation within the earnings of transforming into economies were constructed. To a minor quantity and with fairly different luck, a few were applied in perform. it's a long way past the scope of this paintings to stipulate most of these ways from the earlier centuries and, specifically, the previous a long time. In fiscal thought many authors, for example Kaldor [1955], Krelle [1968], [1983], Pasinetti [1962], Samuelson and Modigli­ ani [1966], to call yet a couple of, have analyzed the long term eco­ nomic implications of staff' saving and funding. whereas so much of this large literature is extremely fascinating, it suffers from the truth that it doesn't explicitly think of both employees' or capitalists' targets and therefore neglects their affects on fiscal development. hence, within the framework of a neo-classical version, those pursuits and their affects should be emphasised here.

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All the results of the subsequent sections, however, may be extended to the case where T->oo. This can be done similarly as shown in Buhl [1983]. 2) Thus, in this section note the control variables are at' t=1, •• , T. 3) Throughout this work, for both technical and economical reasons all maxima are assumed to exist. 26 Notice, here we have a classical problem of optimal economic growth which, based on the famous work of Ramsey ["1 928] and Solow [1956], in a continuous framework has been thoroughly analyzed in the last decades.

Are neglected in the assumptions. Since higher growth rates imply a higher need for resources and energy and more pollution, if the corresponding assumptions are not extremely favorable, the question arises: Is it really preferable to exhaust posterity's resources and environment in favor of a larger capital stock? Can we assume that posterity will meet the challenge and find the fuel to use it? Based on the results of a resource model in Buhl [1983], one may argue that a society should discount future consumption according to increasing efficiency in using the scarcest resource.

As these independence-results indicate, the discussion about finite versus infinite planning horizons proves rather fruitless for the kinds of problems to be presented in this chapter. , before these independence-results are obtained. The reason for doing so mainly stern from the author's uneases and doubts about the practical implications of technological progress, infinite horizon models, which were never discussed in the literature. , consumption, capital stock, GDP, and investment. We do not have to point to Meadows [1972] or Mesarovic/Pestel [1974] to show that exponential growth causes serious problems in relatively short-term finite horizons already.

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A Neo-Classical Theory of Distribution and Wealth by Dr. Hans Ulrich Buhl (auth.)


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