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Back to the Sixties: A Note on Multi-Primary-Factor Linear Models with Homogeneous Capital

Freni, Giuseppe (2016): Back to the Sixties: A Note on Multi-Primary-Factor Linear Models with Homogeneous Capital.

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Abstract

This paper extends Bruno's (1967) one capital good two-sector growth model with discrete technology by allowing for multiple primary factors of production. While the existence of an optimal steady state is established for any positive rate of discount, an example in which three "modified golden rules" exist shows that the optimal steady state is not necessarily unique. The extended model provides a simple exemplification of the more general principle that the presence of multiple primary factors of production in homogeneous capital models can definitively result in the same complications that arise when there is joint production.

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