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Ramsey–Cass–Koopmans model
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Ramsey–Cass–Koopmans model
The
Ramsey–Cass–Koopmans model
, or
Ramsey growth model
, is a
neo-classical
model of
economic growth
based primarily on the work of
Frank P. Ramsey
, with significant extensions by
David Cass
and
Tjalling Koopmans
. The Ramsey–Cass–Koopmans model differs from the
Solow–Swan model
in that the choice of
consumption
is explicitly
microfounded
at a point in time and so endogenizes the
savings rate
. As a result, unlike in the Solow–Swan model, the saving rate may not be constant along the transition to the long run
steady state
. Another implication of the model is that the outcome is
Pareto optimal
or
Pareto efficient
.
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