From 3bafb5a1f3eb017cb7be190f5565b88ab4812992 Mon Sep 17 00:00:00 2001 From: thomassargent30 Date: Tue, 23 Jul 2024 16:41:55 -0600 Subject: [PATCH 1/2] Tom's edits of CassKoopmans1 July 23 --- lectures/cass_koopmans_1.md | 11 ++++++----- 1 file changed, 6 insertions(+), 5 deletions(-) diff --git a/lectures/cass_koopmans_1.md b/lectures/cass_koopmans_1.md index 90a5ab3a2..624b0d065 100644 --- a/lectures/cass_koopmans_1.md +++ b/lectures/cass_koopmans_1.md @@ -29,13 +29,14 @@ kernelspec: This lecture and {doc}`Cass-Koopmans Competitive Equilibrium ` describe a model that Tjalling Koopmans {cite}`Koopmans` and David Cass {cite}`Cass` used to analyze optimal growth. -The model can be viewed as an extension of the model of Robert Solow -described in [an earlier lecture](https://python-programming.quantecon.org/python_oop.html) -but adapted to make the saving rate be a choice. +The model extends the model of Robert Solow +described in [an earlier lecture](https://python-programming.quantecon.org/python_oop.html). + +It does so by making the saving rate be a choice, instead of a hard-wired fixed number. (Solow assumed a constant saving rate determined outside the model.) -We describe two versions of the model, one in this lecture and the other in {doc}`Cass-Koopmans Competitive Equilibrium `. +We describe two versions of the model, a planning problem without price in this lecture, and a competitive equilibrium with prices in this lecture {doc}`Cass-Koopmans Competitive Equilibrium `. Together, the two lectures illustrate what is, in fact, a more general connection between a **planned economy** and a decentralized economy @@ -59,7 +60,7 @@ The lecture uses important ideas including - A min-max problem for solving a planning problem. - A **shooting algorithm** for solving difference equations subject to initial and terminal conditions. -- A **turnpike** property that describes optimal paths for +- A **turnpike** property of optimal paths for long but finite-horizon economies. Let's start with some standard imports: From 78adfccc746640f52ed345f635e00d1b98ead100 Mon Sep 17 00:00:00 2001 From: thomassargent30 Date: Thu, 25 Jul 2024 13:14:08 -0600 Subject: [PATCH 2/2] Tom's edit of Cass Koopmans1 lecture July 25 --- lectures/cass_koopmans_1.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/lectures/cass_koopmans_1.md b/lectures/cass_koopmans_1.md index 624b0d065..4ecdb7b66 100644 --- a/lectures/cass_koopmans_1.md +++ b/lectures/cass_koopmans_1.md @@ -36,7 +36,7 @@ It does so by making the saving rate be a choice, instead of a hard-wired fixed (Solow assumed a constant saving rate determined outside the model.) -We describe two versions of the model, a planning problem without price in this lecture, and a competitive equilibrium with prices in this lecture {doc}`Cass-Koopmans Competitive Equilibrium `. +We describe two versions of the model, a planning problem without prices in this lecture, and a competitive equilibrium with prices in this lecture {doc}`Cass-Koopmans Competitive Equilibrium `. Together, the two lectures illustrate what is, in fact, a more general connection between a **planned economy** and a decentralized economy