Politická ekonomie
Politická ekonomie
Politická ekonomie
TEORETICKÝ ČASOPIS • ISSN 0032-3233 (Print) • ISSN 2336-8225 (Online)

Politická ekonomie Vol. 65 No. 1

Jaká je optimální míra úspor z pohledu příjemců úroků?

DOI: https://doi.org/10.18267/j.polek.1126

[plný text (PDF)]

Pavel Potužák

This paper investigates the optimum saving rate from the perspective of the receivers of interest. The first part lists major contributions detected in the literature on the optimum saving rate and differential games of capitalism. The second part explores the socially optimal saving rate connected to the maximum sustainable consumption per person. A new graphical method is used to show the distribution of consumption goods between wage earners and receivers of interest. The optimum saving rate of the receivers of interest is derived in the third section. The mathematical formula indicates that this rate is lower than the golden rule, and it coincides with the optimum of the Ramsey-Cass-Koopmans model only under specific circumstances.

JEL klasifikace: E13, E21, E25

Reference:
Acemoglu, D. (2011). Introduction to Modern Economic Growth: Parts 1-4. Cambridge (MA): MIT Press. ISBN 0-262-02283-4.

Akimoto, K. (2014). A Fundamental Cause of Economic Crisis – A Macro-economic Game

between the Real Economic Sector and Monetary Sector. International Journal of

Economic Sciences, 3(4), 1−37.

Barro, R. J., Sala-i-Martin, X. (2004). Economic Growth. 2. vyd. Cambridge (MA): MIT Press. ISBN 0-262-02553-1.

Böhm-Bawerk, E. (1891) [1888]. Positive Theory of Capital. New York: G. E. Stechert & Co.

Cass, D. (1965). Optimum Growth in an Aggregative Model of Capital Accumulation. Review

of Economic Studies, 37(3), 233–240, https://doi.org/10.2307/2295827

Frech, H. E. III. (1975). Property Rights and the Dynamic Inefficiency of Capitalism: Comment. Journal of Political Economy, 83(1), 209−214, https://doi.org/10.1086/260314

Hamada K. (1967). On the Optimal Transfer and Income Distribution in a Growing Economy.

The Review of Economic Studies, 34(3), 295–299, https://doi.org/10.2307/2296677

Haurie, A., Pohjola, M. (1987). Efficient Equilibria in a Differential Game of

Capitalism. Journal of Economic Dynamics and Control, 11(1), 65−78, https://doi.

org/10.1016/0165-1889(87)90024-8

Hayek, F. A. (1931a). The „Paradox“ of Saving. Economica, 32, 125–169, https://doi.

org/10.2307/2547921

Hayek, F. A. (1931b). Reflections on the Pure Theory of Money of Mr. J. M. Keynes. Economica, 33, 270–295, https://doi.org/10.2307/2548035

Hayek, F. A. (1932). Reflections on the Pure Theory of Money of Mr. J. M. Keynes (continued). Economica, 35, 22–44, https://doi.org/10.2307/2548974

Hayek, F.A. (1935a) [1931]. Prices and Production. 2. vyd. New York: Augustus M. Kelly Publishers.

Hayek, F.A. (1935b). The Maintenance of Capital. Economica, 2(7), 241–276, https://doi.

org/10.2307/2548607

Hayek, F.A. (1941). The Pure Theory of Capital. Chicago: Chicago University Press.

ISBN 0-226-32081-2.

Hoel, M. (1978). Distribution and Growth as a Differential Game between Workers

and Capitalists. International Economic Review, 19(2), 335–350, https://doi.

org/10.2307/2526304

Holman, R. (1993). Některé kontroverze v moderní teorii kapitálu. Politická ekonomie, 41(3), 407–420.

Kaitala, V., Pohjola, M. (1990). Economic Development and Agreeable Redistribution in

Capitalism: Efficient Game Equilibria in a Two-Class Neoclassical Growth Model.

International Economic Review, 31(2), 421–438, https://doi.org/10.2307/2526848

Kalecki, M. (1942). A Theory of Profits. The Economic Journal, 52(206/207), 258–267, https://doi.org/10.2307/2225784

Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: Harcourt, Brace and Company.

Koopmans, T. C. (1963). On the Concept of Optimal Economic Growth. Cowles Foundation

Discussion Papers 163. Cowles Foundation for Research in Economics, Yale University.

Lancaster, K. (1973). The Dynamic Inefficiency of Capitalism. Journal of Political Economy, 81(5), 1092–1109, https://doi.org/10.1086/260108

Leong, C. K., Huang W. (2010). A Stochastic Differential Game of Capitalism. Journal of

Mathematical Economics, 46(4), 552–561, https://doi.org/10.1016/j.jmateco.2010.03.007

Phelps, E. S. (1961). The Golden Rule of Accumulation: A Fable for Growthmen. The American

Economic Review, 51(4), 638–643.

Phelps, E. S. (1965). Second Essay on the Golden Rule of Accumulation. The American Economic Review, 55(4), 793–814.

Phelps, E. S., Pollak, R. A. (1968). On Second-Best National Saving and Game-Equilibrium

Growth. The Review of Economic Studies, 35(2), 185–199, https://doi.org/10.2307/2296547

Pohjola, M. (1983a). Nash and Stackelberg Solutions in a Differential Game Model of

Capitalism. Journal of Economic Dynamics and Control, 6, 173–186, https://doi.

org/10.1016/0165-1889(83)90048-9

Pohjola, M. (1983b). Worker’s Investment Funds and the Dynamic Inefficiency of Capitalism.

Journal of Public Economics, 20(2), 271–279, https://doi.org/10.1016/0047-2727(83)90015-4

Pohjola, M. (1984). Threats and Bargaining in Capitalism a Differential Game

View. Journal of Economic Dynamics and Control, 8(3), 291–302, https://doi.

org/10.1016/0165-1889(84)90009-5

Potužák, P. (2016). Fisher and Mises on Zero Interest: A Reconsideration. Prague Economic

Papers, 25(2), 203–220, https://doi.org/10.18267/j.pep.555

Ramsey, F. P. (1928). A Mathematical Theory of Saving. Economic Journal, 38(152), 543–559,

https://doi.org/10.2307/2224098

Romer, D. (2006). Advanced Macroeconomics. 3. vyd. New York: McGraw-Hill. ISBN

0-07-287730-8.

Russo, A. (2014). A Stochastic Model of Wealth Accumulation with Class Division.

Metroeconomica, 65(1), 1–35, https://doi.org/10.1111/meca.12021

Russo, A. (2015). An Agent Based Macroeconomic Model with Social Classes and Endogenous

Crises. Working paper. Dostupné z: www.siecon.org/online/wp-content/uploads/2015/10/

Russo1.pdf

Rothbard, M. N. (2004) [1962]. Man, Economy, and State. Auburn (AL): Ludwig von Mises

Institute. ISBN 0-945466-30-7.

Samuelson, P. A. (2001). A Modern Post-Mortem On Böhm’s Capital Theory: Its Vital Normative Flaw Shared by Pre-Sraffian Mainstream Capital Theory. Journal of the History of Economic Thought, 23(3), 301–317, https://doi.org/10.1080/10427710120073591

Smith, A. (2001) [1776]. Bohatství národů. Praha: Liberální institut. ISBN 80-86389-15-4.

Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 70(1), 65–94, https://doi.org/10.2307/1884513

Swan, T. W. (1956). Economic Growth and Capital Accumulation. Economic Record, 32(2),

334–361, https://doi.org/10.1111/j.1475-4932.1956.tb00434.x

Uzawa, H. (1961). On a Two-Sector Model of Economic Growth. The Review of Economic Studies, 29(1), 40–47, https://doi.org/10.2307/2296180

Yang, X., Gao J. (2013). Uncertain differential games with application to capitalism. Journal of Uncertainty Analysis and Applications, 1(1), 1–17, https://doi.org/10.1186/2195-5468-1-17