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An Evolutionary Model of Economic Growth

Author

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  • Polterovich, Victor
  • Henkin, Gennadi

Abstract

We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually stabilizes; this curve moves with almost constant speed; neither the shape nor the speed asymptotically depend on initial conditions. A growth model is suggested, and it is proved that, in the process of economic growth, the evolution of distribution of capacity by efficiency levels approximately follows the generalized evolutionary equation. Modifications of the growth model are discussed.

Suggested Citation

  • Polterovich, Victor & Henkin, Gennadi, 1990. "An Evolutionary Model of Economic Growth," MPRA Paper 20830, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:20830
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    File URL: https://mpra.ub.uni-muenchen.de/20830/1/MPRA_paper_20830.pdf
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    Cited by:

    1. Polterovich, Victor & Henkin, Gennadi, 1998. "A Difference-differential Analogue of the Burgers Equation and Some Models of Economic Development," MPRA Paper 21031, University Library of Munich, Germany.

    More about this item

    Keywords

    imitation; innovation; evolutionary equation; wave solutions; stability; economic growth; investment; distribution of production capacities;

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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