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Savings (2) Perfect Altruism 225 his parent for the concern to
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Savings (2) Perfect Altruism 225 his parent for the concern to
Conversely in the case of Figure 25(ii) it is only necessary for each son to be concerned with the welfare of have been passed back in history up the generations. The son helps the father to raise the father's standard to the son's, but the father's standard needs to be raised all the more because the father has used returns to scale (so that U + Q + Z = 1), in which the growth rate of population is constant at l, and in which the growth rate of technical progress is constant at r. We know from equations (7.14) and (7.15) that in these conditions, provided the proportion of income saved is constant, a state of steady growth is possible in which the
Edition 1st Edition
First Published 1968
Imprint Routledge
Pages 4
eBook ISBN 9780203106594