The optimum growth rate for population under critical-level utilitarianism |
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Authors: | Thomas I Renstr?m Luca Spataro |
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Institution: | (1) Department of Economics, Durham Business School, University of Durham, 23–26 Old Elvet, Durham, DH1 3HY, UK;(2) Dipartimento di Scienze Economiche, University of Pisa and CHILD, Via C. Ridolfi 10, 56124 Pisa, Italy |
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Abstract: | We characterize optimal consumption, capital, and population growth of a production economy under critical-level utilitarianism.
First, we show that neither classical utilitarianism nor average utilitarianism can avoid a corner solution for the population
growth rate, in that under the former, population grows at the maximum speed (the so-called repugnant conclusion) while under
the latter, it grows at the minimum. Second, we show that critical level utilitarianism yields an interior solution for the
population growth rate provided the critical level belongs to a positive, open interval. Finally, we characterize the transition
to the steady state and perform comparative dynamics analysis. |
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Keywords: | |
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