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A Solow-Swan framework for economic growth with memory effect

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  • M. O. Aibinu
  • K. J. Duffy
  • S. Moyo

Abstract

The Solow-Swan equation is a cornerstone in the development of modern economic growth theory and continues to attract significant scholarly attention. This study incorporates memory effects into the classical Solow-Swan model by introducing a formulation based on the Caputo fractional derivative. A comparative analysis is conducted between the integer-order and fractional-order versions of the model to examine the influence of fractional dynamics on capital accumulation. The findings reveal that the inclusion of a fractional-order derivative significantly affects the trajectory and long-term stability of capital, offering a more flexible and comprehensive framework for modeling economic growth processes.

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  • M. O. Aibinu & K. J. Duffy & S. Moyo, 2025. "A Solow-Swan framework for economic growth with memory effect," Papers 2508.20100, arXiv.org.
    • Handle: RePEc:arx:papers:2508.20100
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    References listed on IDEAS

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    3. Asfaw Tsegaye Moltot & Alemayehu Tamirie Deresse, 2022. "Approximate Analytical Solution to Nonlinear Delay Differential Equations by Using Sumudu Iterative Method," Advances in Mathematical Physics, John Wiley & Sons, vol. 2022(1).
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