公債蓄積と新古典派的経済成長、財政支出による安定化制御（福田敏浩教授退職記念論文集）
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Summary : The theoretical possibilities thatneoclassical growth with public debt accumulationand the government’s financial management by control of its expenditures, g, can allow the economic state to dynamically and asymptotically approach and reach a longrun equilibrium state without the optimal control theory are analyzed. The regarding model is a system of two dynamic and differential equations consisting of the Solow-Swantype growth equation and the growth equation of the per capita level of public debt stock, b, meaning governmental budget constraint with some kinds of controls, called stabilizing contols, of the government’s financial expenditures. Under a dynamic system, these controls are ones to make, perhaps like an automatic control, its long-run equilibrium point asymptotically stable with a weak control by the government’s controllability that is insufficientin detail, or by a saddle point with a strong control by which the government can control its expenditures perfectly and precisely, like an optimal control. By analyzing such a dynamic control system, five propositions are derived which assert weakly or in a few cases insist to a certain extent, on the existence of stabilizing controls with some different assumptions in each case of the model. Particularly, ∂f / ∂k < ∂g / ∂k is a very significant condition for stabilizing controls, and in the case of the saddle equilibrium point, that is Proposition 5, there exist the effective conditions for stabilizing controls with monetary policy on the interest rate and taxation policy on the tax rate assumed to be positive parameters, which do not need to decrease g and b quickly and suddenly or drastically, even when g, b and k continue to grow at the same time in such neoclassical economic growth. There are theoretically sufficient possibilities of dynamically stable public debt accumulation consistent with neoclassical economic growth under economic policies.
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