.... Roy Weintraub, who suggested its title and whose work on the mathematization of economics is central to the present work. Copyright 2016 by Duke University Press 2016 time discounting growth models Ramsey-Cass-Koopmans model Frank Ramsey Charles Roos Jan Tinbergen Tjalling Koopmans...

... allocate resources across the many different stages of production so as to max- imize total returns. Where there are differences in time-discounted Steele / Hayek’s Contribution 479 margins (or yields), investments are switched between stages until yields...

... supposing that the public as a whole saves as if it were discounting future utilities at a rate ρ, but otherwise keeping its utility schedules unaltered. Suppose an income tax is levied at a con- stant rate λ but is remitted on savings to a constant extent μ i.e. the total tax paid is λ times...

... the Wilderness: Time Discounting in Growth Models . Unpublished, Department of Economics, University of São Paulo (FEA-USP). ———. 2009 . Frank P. Ramsey: A Cambridge Economist. HOPE 41.3 : 445 –70. Faria, J. R. 2005 . The Contributions of Ramsey to Economics. In F. P. Ramsey—Critical Reassessments...

... . 1964 . “ Some Postwar Contributions of French Economists to Theory and Public Policy: With Special Emphasis on Problems of Resource Allocation .” American Economic Review 54 , no. 4, part 2 : 2 – 64 . Duarte Pedro G. 2016 . “ A Path through the Wilderness: Time Discounting...

.... Cambridge: Cambridge University Press. Ainslie, G., and N. Haslam. 1992 . Hyperbolic Discounting. In Choice over Time , edited by G. Loewenstein and J. Elster, 57 -92. New York: Russell Sage. Becker, G. S. 1992 . Habits, Addictions, and Traditions. Kyklos 45 : 327 -45. ____. 1995...

.... A market rate of time-discount would in such cases cease to ‘‘prevail’’ with any precision, throughout any one of the structures of prices. The existing uncer- tainty as to price trends special and general, the inequality, the ac- cidental gains and losses of enterprises and investors...

... with an emphasis on how modeling strategies and techniques had their use stabilized over time. He has published articles in HOPE on this subject and he is now working on the uses of a time discount rate in growth models. Steven N. Durlauf is Kenneth J. Arrow Professor of Economics at the University...

... . “ L’extension de La Science Économique Hors de Ses Frontières Traditionnelles: Le Cas Américain (1949–1992) .” PhD diss., Université Lumière 2 . Franco Marco Gaspard Marion Mueller Thomas Michael . 2019 . “ Time Discounting in Harold Hotelling’s Approach to Natural Resource Economics...

... Journal of Economics 53 , no. 2 : 800 – 20 . doi.org/10.1111/caje.12444 . Franco Marco P.V. Gaspard Marion Mueller Thomas M. . 2019 . “ Time Discounting in Harold Hotellings Approach to Natural Resource Economics: The Unsolved Ethical Question .” Ecological Economics 163 : 52...

...’ purchase.” Archibald Hutcheson (1720), for instance, used a value of fifteen years’ purchase in his com- putations for the South Sea Company. As an example, if earnings were 3 percent per year, then the corresponding value of these earnings was 45 percent (3 times 15). The implicit discounting deserves...

...—Independent of Economic Structure? Structural Change and Economic Dynamics 2.1 : 9 -35. Föllmer, H. 1974 . Random Economies with Many Interacting Agents. Journal of Mathematical Economics 1.1 : 51 -62. Frederick, S., G. Loewenstein, and T. O'Donoghue. 2002 . Time Discounting and Time...

... the “balanced growth path,” which would maximize “the economy’s” growth rate. For an insightful analysis of time discounting in growth models, see Duarte 2016. 17. The notion of simple mathematical models as tools for constructing larger-scale models can be found at different places in the contemporary...

... support their conclusion that Ricardo’s political theory “seems at once to be more modern and resilient than many of the arguments advanced by other philosophical radicals of the time whose names are accorded rather more status in the canon of political thought than that of Ricardo” ( 18...

... for this analysis. Banks issue paper money by lending, either by discounting bills of ex- change or through “cash accounts ,” overdraft facilities recently invented in Scotland. What is the relationship between this lending and the re- sources available for capital formation? To the borrower...

... and free economy) and the agricultural rings. The determination of the rent-maximizing rotation is specified in his third volume. Unfortunately, Thunen’s analysis has a blemish. Instead of summing up the discounted returns and costs accruing every year between now and time T, he performs...

... says in book 2, it will be worthwhile to distinguish the sort of reasoning Hume may have had in mind from certain other ways of approaching the consequences of his view of the self for the analysis of discounting and time preference. One way takes the Humean view of the self to imply some...

.... The “standard texts” offer the following some- times contradictory claims about Fullarton. (1) Fullarton was a metallist who presented the most systematic treat- ment of the banking school position (Schumpeter 1954,700,726 n. 21). (2) Fullarton was closely associated with the Law of Reflux...

... and Economic R,esearch of the Univ. of South Carolina, 1968). 376 HISTORY OF POLITICAL ECONOMY Second, we will introduce and discuss some criticisnis of including lost discounted future earnings st.reams as part of the total cost of war. MODELSOF HUMANCAPITAL LOSSES ATTRIBUTABLE TO WAR...

... must be the last-resort lender; in times of pressure, its only discretion lay in the discount rate charged (q. 477).7 Palmer’s acceptance of the Bank’s role as lender of last resort was not shared by all his fellow directors. George Warde Norman opposed the idea. He accepted that the Bankcould...