  Equation (14) says \(C(t)\) grows exponentially at the rate \(m\). We reconfirm a point that was made previously, that although equation (14) reveals the rate of growth optimum consumption at the initial date (i.e., \(t = 0)\), it doesn’t reveal the initial level of consumption (i.e., \(C(0)\)). That’s the indeterminacy in the Ramsey Rule.