Efficient Economic Growth: Microeconomic Studies

1. Introduction.- 2. Dynamic Efficiency.- 2.1 The Basic Model.- 2.2 A General Theorem on Dynamic Efficiency.- 2.3 Some Further Results.- 2.4 Storable Consumer Goods.- 2.5 The Failure of the First Basic Welfare Theorem.- 2.6 A Stronger Condition.- 2.7 A Remark on Necessary Conditions.- 2.8 Conclusion.- 3. Interest and Growth.- 3.1 Commodity Own Rates of Interest.- 3.2 The Asset-augmented Economy.- 3.3 Interest, Growth, and Dynamic Efficiency.- 3.4 Conclusion.- 4. An Economy with Land.- 4.1 A Characterization of Land.- 4.2 Land as a Consumption Good.- 4.3 Land as a Factor of Production.- 4.4 The Land’s Income Share.- 4.5 Land and Dynamic Efficiency.- 4.6 A Stronger Efficiency Result.- 4.7 Conclusion.- 5. Exhaustible Resources.- 5.1 A Characterization of Exhaustible Resources.- 5.2 Exhaustible Resources as Consumption Goods.- 5.3 Exhaustible Resources as Factors of Production.- 5.4 The Hotelling Rule.- 5.5 Exhaustible Resources and Dynamic Efficiency.- 5.6 Efficient Use of Exhaustible Resources.- 5.7 Conclusion.- 6. Examples and Applications.- 6.1 Dynamic Efficiency in a Simple Growth Model.- 6.2 A Simple Economy with Land.- 6.3 Turgot’s Theory of Fructification.- 6.4 A Capital Reserve System without Capital.- 6.5 Old Masters and Bubbles.- 6.6 A Simple Economy with an Exhaustible Resource.- References.- Name Index.