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A Short Survey On Chaotic Dynamics In Solow-Type Growth Models

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  • Cesare PALMISANI
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    Abstract

    In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models � put forward by Day (1982, 1983); B�hm and Kaas (2000); and Commendatore (2005) � 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 Info

    Article 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 ()
    Pages: 270-280

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    Handle: RePEc:ush:jaessh:v:3:y:2008:i:3(5)_fall2008:p:270-280

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    Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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    Related research

    Keywords: Logistic Map; Li-York Chaos; Growth Models; Local Stability; Triangle Stability;

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