Endogenous Population Growth May Imply Chaos
We consider a discrete-time neoclassical growth model with an endogenous rate of population growth. The resulting one-dimensional map for the capital intensity has a tilted z-shape. Using the theory of nonlinear dynamical systems, we obtain numerical results on the qualitative behavior of time paths for changing parameter values. Besides stable and periodic solutions, erratic time paths may result. In particular, myopic and far-sighted economies - assumed to be characterized by low and high savings rate respectively - are characterized by stable per capita capital stocks, while solutions with chaotic windows exist between these two extremes.
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Volume (Year): 8 (1995)
Issue (Month): 1 (February)
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