1. STORRE
  2. Stirling Management School
  3. Economics
  4. Economics Working Papers
Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/20986
Full metadata record
DC FieldValueLanguage
dc.contributor.authorGreasley, Daviden_UK
dc.contributor.authorHanley, Nicholasen_UK
dc.contributor.authorMcLaughlin, Eoinen_UK
dc.contributor.authorOxley, Lesen_UK
dc.date.accessioned2014-10-23T23:36:06Z-
dc.date.available2014-10-23T23:36:06Z-
dc.date.issued2014-08-31en_UK
dc.identifier.urihttp://hdl.handle.net/1893/20986-
dc.description.abstractModern macroeconomic theory utilises optimal control techniques to model the maximisation of individual well-being using a lifetime utility function. Agents face choices over current and future consumption (with resultant implied savings decisions) seeking to maximise the present value of current plus future well-being. However, such inter-temporal welfare-maximising assumptions remain empirically untested. In the work presented here we test whether welfare was in (historical) fact maximised in the US between 1870-2000 and find empirical support for the optimising basis of growth theory, but only once a comprehensive view of what constitutes a country's wealth or capital is taken into account.en_UK
dc.language.isoenen_UK
dc.relationGreasley D, Hanley N, McLaughlin E & Oxley L (2014) The Emperor Has New Clothes: Empirical Tests of Mainstream Theories of Economic Growth. Stirling Economics Discussion Paper, 2014-08.en_UK
dc.relation.ispartofseriesStirling Economics Discussion Paper, 2014-08en_UK
dc.subjectinter-temporal utility maximisationen_UK
dc.subjectmodern growth theoryen_UK
dc.subjectUSen_UK
dc.subjectcomprehensive wealthen_UK
dc.titleThe Emperor Has New Clothes: Empirical Tests of Mainstream Theories of Economic Growthen_UK
dc.typeWorking Paperen_UK
dc.citation.publicationstatusUnpublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.citation.date31/08/2014en_UK
dc.subject.jelE21: Macroeconomics: Consumption; Saving; Wealthen_UK
dc.subject.jelE22: Investment; Capital; Intangible Capital; Capacityen_UK
dc.subject.jelC61: Optimization Techniques; Programming Models; Dynamic Analysisen_UK
dc.contributor.affiliationUniversity of Edinburghen_UK
dc.contributor.affiliationEconomicsen_UK
dc.contributor.affiliationUniversity of St Andrewsen_UK
dc.contributor.affiliationUniversity of Waikatoen_UK
dc.identifier.wtid620335en_UK
dcterms.dateAccepted2014-08-31en_UK
dc.date.filedepositdate2014-08-28en_UK
rioxxterms.typeWorking paperen_UK
rioxxterms.versionAMen_UK
local.rioxx.authorGreasley, David|en_UK
local.rioxx.authorHanley, Nicholas|en_UK
local.rioxx.authorMcLaughlin, Eoin|en_UK
local.rioxx.authorOxley, Les|en_UK
local.rioxx.projectInternal Project|University of Stirling|https://isni.org/isni/0000000122484331en_UK
local.rioxx.freetoreaddate2014-08-31en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/under-embargo-all-rights-reserved||2014-08-31en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/all-rights-reserved|2014-08-31|en_UK
local.rioxx.filenameSEDP-2014-08-Greasley-Hanley-McLaughlin-Oxley.pdfen_UK
local.rioxx.filecount1en_UK
Appears in Collections:Economics Working Papers

Files in This Item:
File Description SizeFormat 
SEDP-2014-08-Greasley-Hanley-McLaughlin-Oxley.pdfFulltext - Accepted Version811.34 kBAdobe PDFView/Open


This item is protected by original copyright

View License
Show simple item record


Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

The metadata of the records in the Repository are available under the CC0 public domain dedication: No Rights Reserved https://creativecommons.org/publicdomain/zero/1.0/

If you believe that any material held in STORRE infringes copyright, please contact library@stir.ac.uk providing details and we will remove the Work from public display in STORRE and investigate your claim.