Irreversibility of investment in the ramsey model

Reference no: EM131037560

Irreversibility of investment in the Ramsey model. Suppose that the economybegins with ˆk (0) > ˆk *. How does the transition path differ depending on whether capital isreversible (convertible back into consumables on a one-to-one basis) or irreversible?

Reference no: EM131037560

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