Abstract
This paper reformulates the neoclassical Solow model of economic growth in discrete time by introducing a generic population growth law that verifies the following properties: 1) population is strictly increasing and bounded; 2) the rate of growth of population is decreasing to zero as time tends to infinity. We show that in the long run the capital per worker of the model converges to the non-trivial steady state of the Solow-Swan model with zero labor growth rate. In addition we prove that the solutions of the model are asymptotically stable.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Similar Papers
More From: SSRN Electronic Journal
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.