Assessing Dynamic Efficiency: Theory and Evidence
提出一个判断经济是否动态效率的标准，该标准适用于技术进步和人口随机变化的经济体，通过比较资本产生的现金流与投资水平来判定，并应用于美国等OECD国家，发现它们是动态有效的。
The issue of dynamic efficiency is central to analyses of capital accumulation and economic growth. Yet the question of what characteristics should be examined to determine whether actual economies are dynamically efficient is unresolved. This paper develops a criterion for determining whether an economy is dynamically efficient. The criterion, which holds for economies in which technological progress and population are stochastic, involves a comparison of the cash flows generated by capital with the level of investment. Its application to the U.S. economy and the economies of other major OECD nations suggests that they are dynamically efficient. Copyright 1989 by The Review of Economic Studies Limited.