A Short Survey On Chaotic Dynamics In Solow-Type Growth Models
In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models ï¿½ put forward by Day (1982, 1983); Bï¿½hm and Kaas (2000); and Commendatore (2005) ï¿½ we show that crucial features which could determine the emergence of regular or irregular growth cycles are (i) if the average saving ratio is constant or not; and (ii) the curvature of production function, representing the degree of substitutability between labour and capital. The lower the degree of substitutability, the higher the likelihood of complex behaviour.
Volume (Year): 3 (2008)
Issue (Month): 3(5)_Fall2008 ()
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