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Long-run economic growth in the delay spatial Solow model

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  • Juan Segura
  • Daniel Franco
  • Juan Perán

Abstract

This paper analyses the long-term dynamics of the Solow model with spatial dependence of the physical capital, time delay and pollution effect due to capital accumulation. Previous studies not including spatial dependence showed that the dynamics can be cyclic or chaotic, in which cases the description of the long-run system’s behaviour becomes difficult or unfeasible. We provide sufficient conditions for the existence of a delay-independent global attractor and an easy way to estimate it. We also introduce new and extend known results for the existence of a global attractor in the absence of spatial dependence. Additionally, we complement known global stability results for a family of difference equations with applications in different fields.

Suggested Citation

  • Juan Segura & Daniel Franco & Juan Perán, 2023. "Long-run economic growth in the delay spatial Solow model," Spatial Economic Analysis, Taylor & Francis Journals, vol. 18(2), pages 158-172, April.
    • Handle: RePEc:taf:specan:v:18:y:2023:i:2:p:158-172
    DOI: 10.1080/17421772.2022.2104917
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