The Golden Rule with Endogenous Labor Participation Rate
考察了劳动参与率可变的经济模型，发现一种常见的参与率假设会得出与Davis相反的黄金律政策建议，即储蓄率应高于而非低于资本产出份额。
The Golden Rule of accumulation in an economy with an endogenously determined growth rate of labor has been examined by Eric Davis. Davis finds that if the growth rate is an increasing function of per capita net income, steady-state per capita consumption is maximized not at the equality of the propensity to save and capital's share of output, but at a propensity to save smaller than capital's share of output and an interest rate which exceeds rather than equals the growth rate. The supply of labor in an economy is affected by both the growth and participation rates of its population. Davis' results and the traditional Golden Rule depend upon the implicit assumption that the latter rate is constant. Davis calls for a more flexible treatment of the participation rate, allowing the possibility of optimal unemployment in a theory of optimal savings. This note examines a simple model with a varying participation rate. It is seen that one common assumption describing the participation rate leads to a recommendation opposite that of Davis.