A Short Survey On Chaotic Dynamics In Solow-Type Growth Models
AbstractIn this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models ï¿½ put forward by Day (1982, 1983); Bï¿½hm and Kaas (2000); and Commendatore (2005) ï¿½ we show that crucial features which could determine the emergence of regular or irregular growth cycles are (i) if the average saving ratio is constant or not; and (ii) the curvature of production function, representing the degree of substitutability between labour and capital. The lower the degree of substitutability, the higher the likelihood of complex behaviour.
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Bibliographic InfoArticle provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.
Volume (Year): 3 (2008)
Issue (Month): 3(5)_Fall2008 ()
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Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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Logistic Map; Li-York Chaos; Growth Models; Local Stability; Triangle Stability;
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