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dc.contributor.authorGreasley, David-
dc.contributor.authorHanley, Nicholas-
dc.contributor.authorMcLaughlin, Eoin-
dc.contributor.authorOxley, Les-
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.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.-
dc.relation.ispartofseriesStirling Economics Discussion Paper, 2014-08-
dc.subjectinter-temporal utility maximisationen_UK
dc.subjectmodern growth theoryen_UK
dc.subjectcomprehensive wealthen_UK
dc.titleThe Emperor Has New Clothes: Empirical Tests of Mainstream Theories of Economic Growthen_UK
dc.typeWorking or Discussion Paperen_UK
dc.type.statusAuthor Version-
dc.contributor.affiliationUniversity of Edinburgh-
dc.contributor.affiliationUniversity of St Andrews-
dc.contributor.affiliationUniversity of Waikato-
Appears in Collections:Economics Working Papers

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