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The rule was also independently discovered by Edmund Phelps, [10] Carl-Christian von Weizsäcker, [11] and Trevor Swan [12] in the neoclassical setting. Joan Robinson [ 13 ] established the rule independently in a growth model with fixed proportions and technological change, referring to differential rents, and dubbed it "the neoclassical theorem".
Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career, he became known for his research at Yale 's Cowles Foundation in the first half of the 1960s on the sources of economic growth.
In particular, depending on the preferences and technology, the economy might find itself saving too much, pushing the capital stock above what Edmund Phelps called the Golden Rule level. In this situation, government debt can crowd out capital and, in doing so, increase welfare.
Rule No. 1 – Never lose money. Let’s kick it off with some timeless advice from legendary investor Warren Buffett, who said “Rule No. 1 is never lose money. Rule No. 2 is never forget Rule ...
Sixteen Nobel Prize-winning economists signed a joint letter Tuesday warning of what they see as economic risks if former President Donald Trump were to serve a second term, including reheated ...
The Golden Rule is a guideline for the operation of fiscal policy. The Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending. In layman's terms this means that on average over the ups and downs of an economic cycle the government should only borrow to pay for investment that ...
Actor/filmmaker and VOS Honoree, Justin Baldoni speaks onstage at the Vital Voices 12th Annual Voices of Solidarity Awards at IAC Building on Dec. 9, 2024, in New York City.
The Ramsey–Cass–Koopmans model (also Ramsey growth model or neoclassical growth model) is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey in 1928, [1] with significant extensions by David Cass and Tjalling Koopmans in 1965.