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Structural Dynamic Economic Model SDEM-2

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  • Dmitry V. Kovalevsky
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    Abstract

    The Structural Dynamic Economic Model SDEM-2, a follow-up of the model SDEM developed earlier, is essentially an actor-based, system-dynamic model of a closed economy evolving under conditions of conflict of interests of two powerful aggregated actors: enterpreneurs and wage-earners. We derive the model equations and study the economic growth both in balanced (with neither idle physical capital nor unemployment) and unbalanced cases. In case of balanced growth we first consider an inflexible control strategy of enterpreneurs, then a more sophisticated nonlinear adaptive control strategy, and finally develop a simplified stochastic growth model. In case of unbalanced growth we consider the development of economy from the initial state characterized by substantial unemployment and examine the feasibility of one seemingly attractive and socially desirable control strategy. In view of simplicity of model equations, exact analytical solutions can be obtained in many cases, other cases being studied semi-analytically. Even the simplest versions of SDEM-2 are able to produce rather versatile trajectories of the economy, dependent on the values of model parameters and initial conditions.

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    Bibliographic Info

    Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c016_043.

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    Length: 34 pages
    Date of creation: Sep 2011
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    Handle: RePEc:deg:conpap:c016_043

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    1. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
    2. Tallman, Ellis W. & Wang, Ping, 1994. "Human capital and endogenous growth evidence from Taiwan," Journal of Monetary Economics, Elsevier, vol. 34(1), pages 101-124, August.
    3. Weber, Michael & Barth, Volker & Hasselmann, Klaus, 2005. "A multi-actor dynamic integrated assessment model (MADIAM) of induced technological change and sustainable economic growth," Ecological Economics, Elsevier, vol. 54(2-3), pages 306-327, August.
    4. Garett Jones & W. Joel Schneider, 2005. "Intelligence, Human Capital, and Economic Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," Development and Comp Systems 0507005, EconWPA.
    5. Giuseppe Folloni & Giorgio Vittadini, 2010. "Human Capital Measurement: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 248-279, 04.
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