5动态无效率之源.pdfVIP

David Romer David Romer David Romer Source of dynamic inefficiency: a revision on the perspective of David Romer AbsractDynamic inefficiency refers to the overaccumulating of capital beyond the level of golden rate, which results in a lower growth rate than breakeven investment.The book Advanced Macroeconomics by American economist David Romer (2006) is a widely spread famous textbook used for graduate students cultivation in China. In the book David Romer uses an example to demonstrate that there is a possibility of dynamic inefficiency. However, he does not pounder the reason of this phenomenon. This way is very common in the American macroeconomic books and it comes down in one continuous line. The purpose of scientific study is to reveal the essences behind the phenomenons, know the reasons, find the common laws and apply them in the reality. According to the comparison between Ramsey Model and Overlapping Generation Model, this study reveals that, dynamic inefficiency sources from the assumption of two periods in the Overlapping Generation Model, which results in a less constrained change of interest that could be lower than the growth rate of breakeven investment. This study states that, the phenomenon of dynamic inefficiency does not source from the special case of the dynamic equation of capital, it actually sour