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https://doi.org/10.2307/2946695

has been cited by the following article:

• TITLE: A Note on GDP-versus Consumption-Maximizing Growth

  AUTHORS: Yong He

  KEYWORDS: GDP-Maximizing Growth, Aversion to Under-Consumption, Transition between Steady States, Sustainability

  JOURNAL NAME: Theoretical Economics Letters, Vol.10 No.4, August 24, 2020

  ABSTRACT: Sparked by Baumol’s revenue-versus profit-maximizing models of the firm, this note shows that if a nation seeks GDP-maximizing growth with capital expansion as driving force, the model could work only under the assumption that the consumers’ aversion to under-consumption, an unavoidable consequence of over-investment, remains constant. Otherwise, it has to decelerate growth and ultimately converges to the neoclassical growth model with consumption optimality. The empirical evidence, especially the sustainability of the Chinese model, is examined to explore the extent to which the model captures the real world.