Sustained growth in the model of overlapping generations
在世代交叠模型中分析内生经济增长，指出在没有遗赠动机和外部性的情况下，持续增长需要两部门技术和足够高的储蓄倾向。
This paper analyzes endogenous economic growth in the model of overlapping generations. There is no bequest motive, nor are there any externalities. If the technology is convex, per capita growth can occur only if the economy has at least two sectors. This paper shows that the limiting marginal efficiency of investment determines the potential for growth and that the rate of growth depends upon the share of the capital stock devoted to investment. Sustained consumption growth can occur only under a fairly restrictive set of assumptions. There is an equilibrium with growth only if the marginal propensity to save is sufficiently high.