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The Solow¡¯S Model With Endogenous Population: A Neoclassical Growth Cycle Model

  • Luciano Fanti

    (Dipartimento di Scienze Economiche and Dipartimento di Statistica e Matematica Applicata all Economia)

  • Piero Manfredi


    (Dipartimento di Scienze Economiche and Dipartimento di Statistica e Matematica Applicata all Economia)

It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the ¡°first¡± stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also capable to endogenously explain a second main stylised fact of growth, i.e., the generation of globally stable oscillations around the path of balanced growth.

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Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 28 (2003)
Issue (Month): 2 (December)
Pages: 103-115

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Handle: RePEc:jed:journl:v:28:y:2003:i:2:p:103-115
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  1. Becker, Gary S & Murphy, Kevin M & Tamura, Robert, 1990. "Human Capital, Fertility, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S12-37, October.
  2. Robert Tamura, 2000. "Growth, fertility and human capital: A survey," Spanish Economic Review, Springer, vol. 2(3), pages 183-229.
  3. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  4. Invernizzi, Sergio & Medio, Alfredo, 1991. "On lags and chaos in economic dynamic models," Journal of Mathematical Economics, Elsevier, vol. 20(6), pages 521-550.
  5. Bajo-Rubio, Oscar, 2000. "A further generalization of the Solow growth model: the role of the public sector," Economics Letters, Elsevier, vol. 68(1), pages 79-84, July.
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