Learning strategies in modelling economic growth
Cornerstone economic growth models as the Solow-Swan model and their modern extensions normally assume the rate of population growth as exogenous without any explanation of the links between economic growth and most important demographic variables. Recently, some articles have presented models to explain many phenomena of population dynamics, including evolution and ageing. This paper is a first exercise to include endogenous population dynamics and learning strategies as ingredients of an economic growth model. The model includes two ways of learning that determinate economic growth: individual and social learning. We study the dynamics through computer simulations and we show that the model reflects some features of real economies.
Volume (Year): 31 (2011)
Issue (Month): 1 ()
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- Shigeyuki Hamori & Yu-Ching Hsieh & Wan-Jun Yao, 2007. "An Empirical Analysis about Population, Technological Progress, and Economic Growth in Taiwan," Economics Bulletin, AccessEcon, vol. 15(23), pages 1-13.
- Piero Manfredi & Luciano Fanti, 2006. "Demography In Macroeconomic Models: When Labour Supply Matters For Economic Cycles," Metroeconomica, Wiley Blackwell, vol. 57(4), pages 536-563, November.
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