Exact Measures of Income in Two Capital-Resource-Time Economies
Exact optimal paths are calculated for two closed, continuous-time economies with explicit functional forms for utility from consumption, and for production from human-made capital and a non-renewable resource. Features of the first economy are non-linear utility, hyperbolic utility discounting and (possibly) hyperbolic technical progress. In it: (a) welfare-equivalent income > wealth-equivalent income > Sefton-Weale income > Net National Product, confirming that even if income is viewed only...[Show more]
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