A Malthus-Swan-Solow model of economic growth
نویسندگان
چکیده
منابع مشابه
Malthus to Solow.
"A unified growth theory is developed that accounts for the roughly constant living standards displayed by world economies prior to 1800 as well as the growing living standards exhibited by modern industrial economies. Our theory also explains the industrial revolution, which is the transition from an era when per capita incomes are stagnant to one with sustained growth.... [The authors] use a ...
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Robert Solow received the 1987 Nobel Prize in economics for developing the leading model of economic growth. The model is based on the premise that cross-country differences in income per person are the result (primarily) of differences in national savings rates (savings finances increases in the capital stock). We illustrate its properties and show how it can be used as a tool for exploring th...
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Recently, Jones (2002} and Barro and Sala−í−Martin (2004) pointed out that the neoclassical growth model with a Cobb−Douglas technology has a closed−form solution. This note makes a similar remark for the Malthusian model: I develop and characterize a closed−form solution. Moreover, I emphasize structural similarities between the Malthusian and the neoclassical model if the dynamic behavior is ...
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ing from money, meaning everything is denominated in units of goods, e.g. fruit). Total cost is the wage bill plus the capital bill. Let wt be the real wage rate – it is the number of goods the firm must pay each unit of labor. Let Rt be the real “rental rate” – it is the number of goods the firm must give up to lease a unit of capital. The firm is a price-taker, so it takes these as given. Pro...
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This paper offers an alternative way, based on the logistic population growth hypothesis, to yield transitional dynamics in the standard AK model with exogenous savings rate. Within this framework, we show that the dynamics of the capital stock per person and its growth rate can be non-monotonic over time. Moreover, even in the presence of negative growth, the capital stock per-capita can conve...
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ژورنال
عنوان ژورنال: Journal of Dynamics and Games
سال: 2016
ISSN: 2164-6066
DOI: 10.3934/jdg.2016012