School of Economics | The Ramsey/Cass-Koopmans (RCK) Model
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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...