The paper analyzes the dynamic of the Solow-Swan growth model when the labor growth rate is non-constant but variable and bounded over time. Per capita capital is seen to stabilize to the non-trivial steady state of the Solow-Swan model with a particular constant labor growth rate. The solution of the model is proved to be asymptotically stable. In case of a Cobb-Douglas production function and a generalized logistic population growth law, the solution is shown to have a closed-form expression via Hypergeometric functions.
Guerrini L. (2006). The Solow-Swan model with a bounded population growth rate. JOURNAL OF MATHEMATICAL ECONOMICS, 42(1), 14-21 [10.1016/j.jmateco.2005.05.001].
The Solow-Swan model with a bounded population growth rate
GUERRINI, LUCA
2006
Abstract
The paper analyzes the dynamic of the Solow-Swan growth model when the labor growth rate is non-constant but variable and bounded over time. Per capita capital is seen to stabilize to the non-trivial steady state of the Solow-Swan model with a particular constant labor growth rate. The solution of the model is proved to be asymptotically stable. In case of a Cobb-Douglas production function and a generalized logistic population growth law, the solution is shown to have a closed-form expression via Hypergeometric functions.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
