23 January 2012

dU/d(time spent doing Hamiltonians) < 0

If we extract perfectly substituitable resources r = i,...,j at rate R, from given stock* S, we should follow extraction path ρ (that's a rho, you fool, not a p) from time t = 1,...,T (social planner picks T), then society will be sOoO happy.  Utils maximized!**


*which we don't know
**assuming things that aren't real.

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