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A Note on the Global Stability of a Simple Growth Model with Many Capital Goods

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dc.contributor.author Burmeister, Edwin
dc.contributor.author Dobell, Rod
dc.contributor.author Kuga, Kyoshi
dc.date.accessioned 2010-11-30T19:33:24Z
dc.date.available 2010-11-30T19:33:24Z
dc.date.copyright 1968 en
dc.date.issued 1968-11
dc.identifier.citation Burmeister, Edwin, Rodney Dobell, and Kiyoshi Kuga. "A Note on the Global Stability of a Simple Growth Model with Many Capital Goods." The Quarterly Journal of Economics 82.4 (1968): pp. 657-665. en
dc.identifier.issn 0033-5533
dc.identifier.uri http://hdl.handle.net/1828/3141
dc.description (c) 1968 by M.I.T. Press: http://www.mitpressjournals.org/loi/qjec en
dc.description.abstract This article analyzes the global stability growth model which has more than one capital good. Growth models with many assets represent an obvious advance beyond the simple one-sector model involving only a single real capital good, and permit discussion of portfolio choice, capital market trading conditions and other important features of a general equilibrium system. One of the particularly interesting features of such models is the emergence of certain dynamic efficiency conditions, or capital market equilibrium conditions, when auxiliary variables interpreted as shadow prices of assets are introduced. These efficiency conditions, however, involve capital gains terms in a crucial way and the behavior of asset prices may often be such that undue attention to expectations of capital gains can create unstable development. en
dc.language.iso en en
dc.publisher M.I.T. Press en
dc.subject asset pricing en
dc.subject dual stability en
dc.subject optimization en
dc.subject complex systems en
dc.subject global stability en
dc.subject economic growth models en
dc.title A Note on the Global Stability of a Simple Growth Model with Many Capital Goods en
dc.type Article en


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