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Theory of Economic Growth$
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Michio Morishima

Print publication date: 1969

Print ISBN-13: 9780198281641

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198281641.001.0001

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Dynamic Utility Functions Proposed

Dynamic Utility Functions Proposed

(p.213) XII Dynamic Utility Functions Proposed
Theory of Economic Growth

Michio Morishima

Oxford University Press

Various dynamic utility functions are proposed for optimum economic growth. The different sections of the chapter discuss: maximization of satisfaction over time; whether dynamic utility should be cardinal; the postulated properties of dynamic preferences—separability, consistence, and stationariness; and the invariability of the internal structure of the dynamic utility function with respect to monotonic transformation of the index. All this discussion is based on the assumption that the marginal rate of substitution between any two contemporary goods is independent of consumption in any other period. Finally, an alternative proposal is made based on the fact that the marginal rate of substitution between any two contemporary goods is not independent of consumption in any other period.

Keywords:   cardinal utility, consistence, consumption, dynamic preferences, dynamic utility functions, economic growth, goods, internal structure, marginal rate of substitution, maximization of satisfaction, optimum economic growth, separability, stationariness, temporal variation in consumption

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