A steady state is characterized by the economy having a constant rate of growth. I here select a number of expositions of analyses of steady state I have made on this blog:
- The Harrod-Domar model of warranted and natural rates of growth.
- Karl Marx's volume 2 model of simple and expanded reproduction.
- An extension of the Kahn-Kaldor-Pasinetti-Robinson macroeconomic model of income distribution.
- Explanations of aspects of the non-substitution theorem.
- Neoclassical Overlapping Generations (OLG) models with intertemporal utility maximization.
Consider the hypothesis that a consumer's decision to save should be viewed as a choice between current consumption and future consumption so as to maximize an utility function. Except in the last case above, I have no need of that hypothesis. Alternative theories of value and distribution exist. (Does Nick Rowe imagine that I am in his intended audience for this post?)