Edmund phelps was born in 1933 golden rules of economic growth studies of efficient and optimal investment progress and the golden rule of research review . golden rules of economic growth studies of efficient and optimal investment 1966 microeconomic foundations of employment and inflation theory 1970. In economics the golden rule savings rate is the rate of savings which maximizes steady state level or growth of consumption as for example in the solow growth model. Assessing dynamic efficiency theory and evidence the capital stock exceeds its golden rule level optimal growth arguments for increased national
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