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Preprints, Working Papers, ... Year : 2023

Balanced growth and degrowth with human capital

Stefano Bosi
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  • PersonId : 1130003
Carmen Camacho
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  • PersonId : 921371


We address the fundamental issue of the optimality of the Balanced Growth Path (BGP) in a discrete-time version of Lucas (1988). After proving that the value function is supermodular and that any optimal solution is monotone, we prove that the BGP is optimal and that it is the unique optimal solution. Because of human capital depreciation, we also show that the economy can experience optimal endogenous degrowth.
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Dates and versions

hal-04083568 , version 1 (27-04-2023)
hal-04083568 , version 2 (12-08-2023)


  • HAL Id : hal-04083568 , version 2


Stefano Bosi, Carmen Camacho, Thai Ha-Huy. Balanced growth and degrowth with human capital. 2023. ⟨hal-04083568v2⟩
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