Golden Rule (fiscal policy)

About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.

On the Phelps-Koopmans Theorem

Abstract: We examine whether the Phelps-Koopmans theorem is valid in models with nonconvex production technologies. We show by example that a nonstationary path that converges to a capital stock above the smallest golden rule may indeed be efficient. This finding has the important implication that "capital overaccumulation" need not always imply inefficiency. We provide general conditions on the production function under which all paths that have a limit in excess of the smallest golden rule must be efficient, which proves a version of the theorem in the nonconvex case. Finally, we show by example that a nonconvergent path with limiting capital stocks bounded above (and away from) the smallest golden rule can be efficient, even if the model admits a unique golden rule. Thus the Phelps-Koopmans theorem in its general form fails to be valid.

Golden Versus Platinum Rules [Ethically Speaking]

Abstract: Examines the differences between the Golden Rule and the Platinum Rule. Addresses how this effects personal relationships. In short, the Golden Rule is: Treat others as you want to be treated; and the Platinum Rule is: Treat others as they want to be treated. Explores the concept of empathy and its significance when applying these rules.

Is the Golden Rule Workable between Nations

Abstract: is not altogether as simple of understanding and easy of application as it is sometimes thought to be. If two people were living alone on an isolated island without other inhabitants and without outside communication, for each to do to the other as he wished, or ought to wish, that other to act toward him, for each to love his neighbor as himself, would be a task easily defined, however difficult it might be actually to perform. But the moment we emerge into the actual world, to the moral difficulty of really loving our neighbor as ourselves, there is added the intellectual difficulty of determining what such regard for the interests of others equally with our own really calls for in the complicated relations and circumstances of life. For in the actual world, just as there is no isolated individual who can define what