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

  • Growiec, Jakub

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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Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 32 (2010)
Issue (Month): 4 (December)
Pages: 1143-1154

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Handle: RePEc:eee:jmacro:v:32:y:2010:i:4:p:1143-1154
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622617

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