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An Endogenous Growth Cycle with Vintage Capital

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  • Desai, Meghnad

Abstract

This paper extends Solow's vintage capital model by (1) deriving profits as a function of investments, and (2) adding an investment financing equation in terms of profits. It is shown that these extensions lead to a completely endogenous growth model. The dynamic system yields an equilibrium which is a centre and hence the economy cycles perpetually around the equilibrium point, never reaching it. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Desai, Meghnad, 1995. "An Endogenous Growth Cycle with Vintage Capital," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 87-91.
    • Handle: RePEc:kap:ecopln:v:28:y:1995:i:2-3:p:87-91
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    Cited by:

    1. Voxi Heinrich S Amavilah & Richard T. Newcomb, 2004. "Economic Growth and the Financial Economics of Capital Accumulation under Shifting Technological Change," GE, Growth, Math methods 0404001, University Library of Munich, Germany.
    2. Amavilah, Voxi Heinrich, 2014. "Human Knowledge and a Commonsensical Measure of Human Capital: A Proposal," MPRA Paper 57670, University Library of Munich, Germany.

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