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Re-formulation of the Solow economic growth model whit the Richards population growth law

  • Elvio Accinelli

    (Universidad Autonoma Metropolitana - Unidad Xochimilco)

  • Juan Gabriel Brida

    (School of Economics & Management - Free University of Bolzano)

In standard economic growth theory it is usually assumed that labor force follows exponential growth. That is not a realistic assumption. In this paper we introduce a generalized logistic equation (Richards law) that describes more accurately population growth. Then we analyze the neoclassical Solow model with growth of population following the Richards law, and compares it with the classical model with exponential growth. We show that with the Richards law, the intrinsic rate of population growth plays no role in determining long run equilibrium per worker level of capital. We also present the closed-form solution of the model when the production function is Cobb-Douglas and we analyze the stability of the model, contrasting its long run equilibrium with the steady state of the traditional model.

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File URL: http://128.118.178.162/eps/ge/papers/0508/0508006.pdf
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Paper provided by EconWPA in its series GE, Growth, Math methods with number 0508006.

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Length: 11 pages
Date of creation: 26 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpge:0508006
Note: Type of Document - pdf; pages: 11
Contact details of provider: Web page: http://128.118.178.162

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  1. Arrow, Kenneth & Bolin, Bert & Costanza, Robert & Dasgupta, Partha & Folke, Carl & Holling, C. S. & Jansson, Bengt-Owe & Levin, Simon & Maler, Karl-Goran & Perrings, Charles & Pimentel, David, 1995. "Economic growth, carrying capacity, and the environment," Ecological Economics, Elsevier, vol. 15(2), pages 91-95, November.
  2. Andreas Irmen, 2004. "Malthus and Solow - a note on closed-form solutions," Economics Bulletin, AccessEcon, vol. 10(6), pages 1-6.
  3. repec:ebl:ecbull:v:10:y:2004:i:6:p:1-6 is not listed on IDEAS
  4. Oliver, F R, 1969. "Another Generalisation of the Logistic Growth Function," Econometrica, Econometric Society, vol. 37(1), pages 144-47, January.
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