Ramsey-Cass-Koopmans Model
The Ramsey-Cass-Koopmans model, developed initially by Frank Ramsey in 1928 and formalized by David Cass and Tjalling Koopmans in 1965, is the workhorse model of macroeconomic growth theory. It describes how rational consumers optimize consumption and savings over an infinite horizon, subject to an aggregate production function, and derives the long-run growth path and the optimal allocation of resources.
Source record
Citations copied verbatim from the method’s source record. No claim-level verification is inferred from them.
- Ramsey, F. P. (1928). A Mathematical Theory of Saving. Economic Journal, 38(152), 543–559. · DOI 10.2307/2224098
- Cass, D. (1965). Optimality and the Dynamic Stability of Equilibrium. Metroeconomica, 16(2), 101–115. · URL
- Koopmans, T. C. (1965). On the Concept of Optimal Economic Growth. Pontificiae Academiae Scientiarum Scripta Varia, 28, 1–75. · URL
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