Abstract
The paper considers a multisector model of intertemporal allocation with a primary factor of production and the overtaking criterion of optimality. The optimal program is characterized in terms of (i) period-by-period conditions on intertemporal profit and utility maximization relative to a system of competitive prices and (ii) non-positivity of appropriately computed values of differences of stocks from the golden rule stock: The last condition replaces the usual transversality condition of Malinvaud and throws new light on the possibility of dencentralization in an infinite-horizon economy.
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