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This handout presents the Ramsey (1928)/Cass (1965)-Koopmans (1965) (RCK) model in continuous time for an economy with exogenous labor-augmenting technological progress. 1 The Model The economy has a perfectly competitive production sector that uses a Cobb-Douglas aggregate production function to produce output using capital and labor; labor supply (the same as population) increases exogenously at a...

JAYATI GHOSH In 2015, United Nations member states adopted the Sustainable Development Goals, which include an imperative to “ensure availability and sustainable management of water and sanitation for all.” Yet, in the last four years, matters have deteriorated significantly. NEW DELHI – The dangers of environmental pollution...

Article Shared by  The following points highlight the top eleven economic ideas of Sir John Hicks. the economic ideas are: 1. Definition of Economics 2. Consumer Equilibrium 3. Revision of Demand Theory 4. Consumer’s Surplus 5. Population 6. Right Man on the Right Job 7. General Equilibrium 8. Economic Dynamics 9. Stationary State 10. Theory...

Article Shared by  Meaning of Trade Cycle: A trade cycle refers to fluctuations in economic activities specially in employment, output and income, prices, profits etc. It has been defined differently by different economists. According to Mitchell, “Business cycles are of fluctuations in the economic activities of organized...

LEARNING OBJECTIVES Explain how expansionary fiscal policy can increase aggregate demand and boost the economyExplain how contractionary fiscal policy can decrease aggregate demand and depress the economy Fiscal Policy Fiscal policy is the use of government spending and tax policy to influence the path of the economy over...

C. P. Chandrasekhar In an unusual and ill-advised move, the Reserve Bank of India issued a brief ‘clarification’ on October 1st which said: “There are rumours in some locations about certain banks including cooperative banks, resulting in anxiety among the depositors. RBI would like to assure...

The Phillips curve shows the relationship between unemployment and inflation in an economy. Since its ‘discovery’ by New Zealand economist AW Phillips, it has become an essential tool to analyse macro-economic policy. The Phillips curve and fiscal policy Background After 1945, fiscal demand management became the general tool...

Prabhat Patnaik The European Central Bank last month pushed its benchmark interest rate to minus 0.5 per cent, which means that if it gives a loan of 100 euros then it would be paid back only 99.5 euros at the expiry of the loan. This has...