Publication details
The Solow-Swan model generalization with non-constant labor growth rate
| Authors | |
|---|---|
| Year of publication | 2011 |
| Type | Article in Periodical |
| Magazine / Source | Bulletin of the Czech Econometric Society |
| MU Faculty or unit | |
| Citation | |
| Web | http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/viewFile/182/164 |
| Field | General mathematics |
| Keywords | Solow model; population growth; stability; chaos |
| Description | Generalization of the neoclassical one-sector Solow-Swan model and its modication of Kaldor-Pasinetti type are introduced. The generalization is due to non-constant labor growth rate. Both continuous-time and discrete-time models are derived. Concrete examples with complex dynamics are presented for models with differential savings of the Kaldor-Pasinetti type and Beverton-Holt and logistic version of the labor dynamics. We found that instabilities and complex dynamics may be driven by the capital{labor ratio dynamics, labor dynamics or both together. |