This is the famous “Samuelson-Diamond” result, and page 33 often contains the first algebraic step where the “golden rule” level of capital (or consumption) is contrasted with the market outcome.
Page 33 falls in Chapter 2, typically titled “The Overlapping Generations Model” – the workhorse framework for studying intertemporal choice without infinite horizons. Unlike the Ramsey model (where a social planner maximizes welfare forever), OLG models allow for finite-lived agents who interact across generations. intertemporal macroeconomics costas azariadis pdf 33
Search for “Azariadis intertemporal macroeconomics lecture notes” – many professors have posted problem set solutions and summaries. Just remember: the PDF may be convenient, but there’s no substitute for deriving the equations yourself. This is the famous “Samuelson-Diamond” result, and page
Azariadis emphasizes that when markets are incomplete across time (young can’t trade directly with the unborn), the competitive equilibrium may be dynamically inefficient – too much saving, leading to overaccumulation of capital or, in an exchange economy, a situation where everyone could be made better off by a forced intergenerational transfer. But why is “page 33” a frequent search
But why is “page 33” a frequent search term among econ grad students? Let’s explore.
Unpacking a classic graduate text on dynamic general equilibrium
Here’s a sample blog post: Diving into Dynamics: What Page 33 of Azariadis’s Intertemporal Macroeconomics Teaches Us