The Neoclassical Growth Model (Ramsey-Cass-Koopmans)

Abstract

These teaching notes introduce the Neoclassical Growth Model (Ramsey-Cass-Koopmans) in discrete and continuous time. The manuscript is designed to be accessible to undergraduate students with a basic knowledge of calculus while also serving as a useful resource for graduate-level courses. The notes might offer fresh perspectives on certain aspects of the Ramsey model, including a heuristic argument for the existence and uniqueness of the equilibrium path using the phase diagram and a differential equation approach to converting the model from discrete to continuous time.