開催日： 11/6 (火)
時間：15:00 ～ 18:00
２．第1報告 15:05 ～ 16:20
タイトル：Critical Capital Stock in a Continuous-Time Growth Model with a Convex-Concave Production Function
休憩 16:20 ～ 16:30
３．第2報告 16:30 ～ 17:45
タイトル： Beyond GDP?: Environment, Society and Welfare
- Critical capital stock in a continuous time growth model with a convex–concave production function
The critical capital stock is a threshold that appears in a nonconcave growth model such that any optimal capital path from a stock level below the threshold converges to a lower steady state, whereas any optimal capital path from a stock level above the threshold converges to a higher steady state. The existence implies history dependent development and polarization. Unlike a concave model with wealth effect, the threshold is rarely an optimal steady state and thus is hard to characterize. In a continuous time growth model with a convex--concave production function, we show that: a) the critical capital stock is continuous and strictly increasing in the discount rate; b) it appears from the zero stock level and disappears at a stock level between ones of the maximum average productivity and the maximum marginal productivity; c) at this upper bound, it merges with the higher optimal steady state; d) once the critical capital stock disappears, the higher steady state is no longer an optimal steady state; and e) the critical capital stock at the upper bound can be arbitrarily close to either stock level of the maximum average productivity or the maximum marginal productivity, depending on the curvature of the utility function.
- Beyond GDP?: Environment, Society and Welfare
The Inclusive Wealth Index is a new way of measuring a nation’s wealth, taking into account human capital (education, skills, earning potential, life expectancy, and population) and natural capital (fossil fuels, minerals, forest resources, fishery, and land), as well as produced capital (roads, railroad tracks, buildings, vehicles, machineries, etc.). This is a more comprehensive index than previous ones such as GDP, which measures income, and HDI, which incorporates education and life expectancy in addition to income. In our new UN published report, as a director of the report on 140 countries from 1990, I provide the valuable insights into investment strategies of countries on nature, health, education and demonstrates the use of the Inclusive Wealth Index as a key indicator for sustainable, stronger, and more peaceful development. This provides message to inclusive growth discussion on SDGs framework.