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OPTIMUM SAVINGS AND OPTIMAL GROWTH: THE CASS–MALINVAUD–KOOPMANS NEXUS

Published online by Cambridge University Press:  25 July 2013

Stephen E. Spear  and
Warren Young
Stephen E. Spear*
Affiliation:
Carnegie–Mellon University
Warren Young
Affiliation:
Bar Ilan University
*
Address correpondence to: Stephen E. Spear, Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213, USA; e-mail: ss1f@andrew.cmu.edu.
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Abstract

This paper surveys the contributions of David Cass, Tjalling Koopmans, and Edmond Malinvaud over the decades during which modern optimal growth theory was developed. By utilizing material ranging from dissertations, drafts, and working papers through conference presentations, discussions, and published papers, we show that both Malinvaud and Cass had significant impacts on the evolution of Koopman's thought, and the development of his part of what is known as “the Cass–Koopmans model.” Based on our findings, we conclude that the modern optimal growth model should include the contributions of Malinvaud, and be retitled “the Cass–Malinvaud–Koopmans” model accordingly.

Keywords

Optimal GrowthEconomic HistoryNeoclassical Growth Model
Type
MD Survey
Information
Macroeconomic Dynamics , Volume 18 , Issue 1 , January 2014 , pp. 215 - 243
Copyright
Copyright © Cambridge University Press 2013 

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