This paper is an attempt at studying the neoclassical Solow-Swan model within a framework where the change over time of the labor-force is given by the logistic population model. In the canonical Solow-Swan model, the growth rate of population is constant, yielding an exponential behavior of population size over time, which is clearly unrealistic and unsustainable in the very long-run. A more realistic approach would be to consider a logistic law for the population growth rate. In this framework, the model is proved to have a unique equilibrium (a node), which is globally asymptotically stable, and its solution is shown to have a closed-form expression via Hypergeometric functions.
Ferrara M., Guerrini L. (2008). The neoclassical model of Solow and Swan with logistic population growth. CALCUTTA : Avishek Adhikari, M. R. Adhikari,.
The neoclassical model of Solow and Swan with logistic population growth
GUERRINI, LUCA
2008
Abstract
This paper is an attempt at studying the neoclassical Solow-Swan model within a framework where the change over time of the labor-force is given by the logistic population model. In the canonical Solow-Swan model, the growth rate of population is constant, yielding an exponential behavior of population size over time, which is clearly unrealistic and unsustainable in the very long-run. A more realistic approach would be to consider a logistic law for the population growth rate. In this framework, the model is proved to have a unique equilibrium (a node), which is globally asymptotically stable, and its 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.