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Global Endogenous Growth and Distributional Dynamics

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  • Paulo Brito

Abstract

In this paper we deal with the global distribution of capital and output across time. We supply empirical support to model it as a partial differential equation, if the support of the distribution is related to an initial ranking of the economies. If we consider a distributional extension of the AK model we prove that it displays both global endogenous growth and transitional convergence in a distributional sense. This property can also be shared by a distributional extension of the Ramsey model. We conduct a qualitative analysis of the distributional dynamics and prove that If the technology displays mild decreasing marginal returns we can have long run growth if a diffusion induced bifurcation is crossed. This means that global growth can exist even in the case in which the local production functions are homogeneous and display decreasing returns to scale.

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Bibliographic Info

Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c017_053.

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Length: 44 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:deg:conpap:c017_053

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Keywords: optimal control of parabolic PDE; endogenous growth; diffusion induced bifurcation;

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  1. Robert E. Lucas, Jr., 2007. "Trade and the Diffusion of the Industrial Revolution," NBER Working Papers 13286, National Bureau of Economic Research, Inc.
  2. Raouf Boucekkine & Carmen Camacho & Benteng Zou, 2006. "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," DEGIT Conference Papers c011_039, DEGIT, Dynamics, Economic Growth, and International Trade.
  3. Caselli, F. & Ventura, J., 1996. "A Representative Consumer Theory of Distribution," Working papers 96-11, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Desmet, Klaus & Rossi-Hansberg, Esteban, 2009. "On spatial dynamics," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/4805, Universidad Carlos III de Madrid.
  5. Raouf BOUCEKKINE & Carmen CAMACHO & Giorgio FABBRI, 2010. "Spatial dynamics and convergence: the spatial AK model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2010009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  6. Fujita,Masahisa & Thisse,Jacques-Francois, 2002. "Economics of Agglomeration," Cambridge Books, Cambridge University Press, number 9780521801386.
  7. Paulo Brito, 2004. "The Dynamics of Growth and Distribution in a Spatially Heterogeneous World," Working Papers 2004/14, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..
  8. Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, number 9780521894753.
  9. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
  10. Brock, William & Xepapadeas, Anastasios, 2008. "Diffusion-induced instability and pattern formation in infinite horizon recursive optimal control," Journal of Economic Dynamics and Control, Elsevier, vol. 32(9), pages 2745-2787, September.
  11. Chatterjee, Satyajit, 1994. "Transitional dynamics and the distribution of wealth in a neoclassical growth model," Journal of Public Economics, Elsevier, vol. 54(1), pages 97-119, May.
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