Julius Silver Professor, Faculty of Arts and Science, and
Professor of Economics, New York University

Co-Editor, American Economic Review
Research Associate, NBER
Part-Time Professor, University of Warwick
Council Member, Game Theory Society
Research Fellow, CESifo
Board Member, BREAD and ThReD
Researcher in Residence, ESOP

Department of EconomicsNYU, 19 West 4th Street
New York, NY 10012, U.S.A.
debraj.ray@nyu.edu, +1 (212)-998-8906.

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Three Randomly Selected Papers
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Inefficiency and the Golden Rule: Phelps-Koopmans Revisited

(with Tapan Mitra), in Sugata Marjit and Meenakshi Rajeev (eds), Emerging Issues in Economic Development: A Contemporary Theoretical Perspective: Essays in Honour of Dipankar Dasgupta & Amitava Bose, Oxford University Press, 2012.

Summary. We study the celebrated Phelps-Koopmans theorem in environments with nonconvex production technologies. We argue that a robust failure of the theorem occurs in such environments. Specifically, we prove that the Phelps-Koopmans theorem must fail whenever the net output of the aggregate production function f(x), given by f(x) − x, is increasing in any region between the golden rule and the maximum sustainable capital stock.

 

On the Phelps–Koopmans Theorem

(with Tapan Mitra), Journal of Economic Theory 147, 833–849, 2012.

Summary. We examine whether the Phelps–Koopmans theorem is valid in models with nonconvex production technologies. Dedicated to the memory of David Cass: mentor, friend and an extraordinary economic theorist.

Uneven Growth: A Framework for Research in Development Economics

Journal of Economic Perspectives 24 (3), Summer, 45-60, 2010.

Summary. In many developing countries, economic growth has been fundamentally uneven. This article takes the reality of “uneven growth” seriously, and uses it as an organizing device for a research program in Development Economics.