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Knife-Edge Conditions in the Modeling of Long-Run Growth Regularities

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Abstract

Balanced (exponential) growth cannot be generalized to a concept which would not require knife-edge conditions to be imposed on dynamic models. Already the assumption that a solution to a dynamical system (i.e. time path of an economy) satisfies a given functional regularity (e.g. quasi-arithmetic, logistic, etc.) imposes at least one knife-edge assumption on the considered model. Furthermore, it is always possible to find divergent and qualitative changes in dynamic behavior of the model – strong enough to invalidate its long-run predictions – if a certain parameter is infinitesimally manipulated.

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Bibliographic Info

Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 68.

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Length: 34
Date of creation: 2009
Date of revision:
Handle: RePEc:nbp:nbpmis:68

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Keywords: knife-edge condition; balanced growth; regular growth; bifurcation; growth model; long-run dynamics;

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Cited by:
  1. Christian Groth & Karl-Josef Koch & Thomas M. Steger, 2009. "When economic growth is less than exponential," MAGKS Papers on Economics 200931, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  2. Li, Defu & Huang, Jiuli & Zhou, Ying, 2013. "Revisting the Steady-State Equilibrium Conditions of Neoclassical Growth Models," MPRA Paper 55045, University Library of Munich, Germany, revised May 2013.

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