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 | This article may be too technical for most readers to understand. (August 2017) |
In macroeconomics, the Inada conditions are assumptions about the shape of a function that ensure well-behaved properties in economic models, such as diminishing marginal returns and proper boundary behavior, which are essential for the stability and convergence of several macroeconomic models. The conditions are named after Ken-Ichi Inada, who introduced them in 1963.[1][2]
The Inada conditions are commonly associated with ensuring the existence of a unique steady state and preventing pathological behaviors in production functions, such as infinite or zero capital accumulation.
- ^ Inada, Ken-Ichi (1963). "On a Two-Sector Model of Economic Growth: Comments and a Generalization". The Review of Economic Studies. 30 (2): 119–127. doi:10.2307/2295809. JSTOR 2295809.
- ^ Uzawa, H. (1963). "On a Two-Sector Model of Economic Growth II". The Review of Economic Studies. 30 (2): 105–118. doi:10.2307/2295808. JSTOR 2295808.