| 单词 | golden rule |
| 释义 | golden rule The rule that an economy can maximize its consumption if the rate of growth is equal to the marginal product of capital. Suppose that in steady-state growth the capital-output ratio is z; with a growth rate of g, a proportion gz of output must be invested. The marginal product of capital is m, assumed to be a decreasing function of z. Extra capital produces extra output of mdz, while a higher capital-output ratio requires extra investment of gdz; thus raising z above the level at which m = g decreases the output left for consumption. If the rate of profit equals the marginal product of capital, the golden rule implies that it is socially beneficial for investment to equal profits and consumption to equal wages. |
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