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Assessing Dynamic Efficiency: Theory and Evidence / Andrew B. Abel, N. Gregory Mankiw, Lawrence H. Summers, Richard J. Zeckhauser.
- Format:
- Book
- Author/Creator:
- Abel, Andrew B.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2097.
- NBER working paper series no. w2097
- Language:
- English
- Subjects (All):
- Efficient market theory.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Assessing Dynamic Efficiency
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1986.
- Cambridge, Mass. : National Bureau of Economic Research, 1986.
- Summary:
- The issue of dynamic efficiency is central to analyses of capital accumulation and economic growth. Yet the question of what operating characteristics of an economy subject to productivity shocks should be examined to determine whether or not it is efficient has not been resolved. This paper develops criterion based on observables for determining whether or not an economy is dynamically efficient. The criterion involves a comparison of the cash flows generated by capital with the volume of investment. Its application to the United States economy and the economies of other major OECD nations suggests that they are dynamically efficient.
- Notes:
- Print version record
- December 1986.
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