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Knife-edge conditions in the modeling of long-run growth regularities

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Author Info
Growiec, Jakub

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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. In this sense, dynamics of all growth models are fragile and "unstable".

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9956.

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Date of creation: 31 Jul 2008
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Handle: RePEc:pra:mprapa:9956

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

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium

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  7. Jones, Charles I., 2005. "Growth and Ideas," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 16, pages 1063-1111 Elsevier. [Downloadable!] (restricted)
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  8. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2007. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 213-229, March. [Downloadable!] (restricted)
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  12. Jakub Growiec, 2008. "A new class of production functions and an argument against purely labor-augmenting technical change," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(4), pages 483-502. [Downloadable!] (restricted)
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  13. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February. [Downloadable!] (restricted)
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  16. Jakub Growiec, 2007. "Beyond the Linearity Critique: The Knife-edge Assumption of Steady-state Growth," Economic Theory, Springer, vol. 31(3), pages 489-499, June. [Downloadable!] (restricted)
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    Other versions:
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