Chapter

Ramsey's Savings Rule

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print November 1987 | ISBN: 9780198284611
Published online November 2003 | e-ISBN: 9780191595844 | DOI: http://dx.doi.org/10.1093/0198284616.003.0006
 Ramsey's Savings Rule

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This final chapter of Part I of the book (on choice and the optimum) is a study of the optimal savings theory (the Savings Rule) of Frank Ramsey (1928)—what it represents and the arguments involved. Its nine sections are: counting and discounting; income disposition; Ramsey's problem; the Savings Rule; Keynes's argument (for the Savings Rule); Ramsey's argument (for the Savings Rule); time paths; a special case (of a production function as applied to savings); and discounted future (utility).

Keywords: Arrow's impossibility theorem; choice; demand; democratic choice; optimum; positive association; revealed preference; voting

Chapter.  5540 words.  Illustrated.

Subjects: Microeconomics

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