ABSTRACT
The study of optimal programs of economic growth which maximize a sum of utility was begun by Frank Ramsey (1928). He considered the case of a stationary population with no technical progress, except that which is explained by capital accumulation, no uncertainty about the future, and a single aggregate output that serves both as capital good and consumption good. His primary objective was to determine the rate of saving at any time prescribed by an optimal program of capital accumulation of unlimited duration.
