Endogenous Population Growth May Imply Chaos
AbstractWe consider a discrete-time neoclassical growth model with an endogenous rate of population growth. The resulting one-dimensional map for the capital intensity has a tilted z-shape. Using the theory of nonlinear dynamical systems, we obtain numerical results on the qualitative behavior of time paths for changing parameter values. Besides stable and periodic solutions, erratic time paths may result. In particular, myopic and far-sighted economies - assumed to be characterized by low and high savings rate respectively - are characterized by stable per capita capital stocks, while solutions with chaotic windows exist between these two extremes.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Population Economics.
Volume (Year): 8 (1995)
Issue (Month): 1 (February)
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Web page: http://link.springer.de/link/service/journals/00148/index.htm
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- Azomahou, Theophile & Mishra, Tapas, 2009. "Stochastic environmental effects, demographic variation, and economic growth," MERIT Working Papers 016, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
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