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An Evolutionary Model of Economic Growth

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  • Polterovich, Victor
  • Henkin, Gennadi

Abstract

We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually stabilizes; this curve moves with almost constant speed; neither the shape nor the speed asymptotically depend on initial conditions. A growth model is suggested, and it is proved that, in the process of economic growth, the evolution of distribution of capacity by efficiency levels approximately follows the generalized evolutionary equation. Modifications of the growth model are discussed.

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File URL: http://mpra.ub.uni-muenchen.de/20830/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20830.

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Date of creation: 1990
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Publication status: Published in Matekon 3.26(1990): pp. 44-64
Handle: RePEc:pra:mprapa:20830

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Related research

Keywords: imitation; innovation; evolutionary equation; wave solutions; stability; economic growth; investment; distribution of production capacities;

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Cited by:
  1. Polterovich, Victor & Henkin, Gennadi, 1998. "A Difference-differential Analogue of the Burgers Equation and Some Models of Economic Development," MPRA Paper 21031, University Library of Munich, Germany.

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