Reproducing and Disproving Cass's Growth Theory
5 Pages Posted: 12 Mar 2016
Date Written: March 11, 2016
Abstract
This paper reproduces Cass’s growth theory twice: once to reproduce his wrong growth theory, then to reproduce a correct capital theory. This paper applies steady-state and golden-rule to disprove Cass’s wrong theory, and it also shows that measuring the slope of a marginal curve is a redundant practice. The correct capital theory confirms that Cass did not produce any growth theory.
Keywords: Growth
JEL Classification: O41
Suggested Citation: Suggested Citation
Choi, Hak, Reproducing and Disproving Cass's Growth Theory (March 11, 2016). Available at SSRN: https://ssrn.com/abstract=2746307 or http://dx.doi.org/10.2139/ssrn.2746307
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