×

zbMATH — the first resource for mathematics

A Solow-Swan model with technological overflow and catch-up. (English) Zbl 1174.91570
Summary: By introducing the logistic-like technology, the classical Solow-Swan model is extended to inquire the technological overflow and catch-up of the developing economy in this paper. The improved model is described by a two-dimensional dynamical system. It is proved that the model has a unique equilibrium which is a sink and the solution of the equation is globally asymptotically stable. The classical Solow-Swan model is a special case of the model given here. The economic growth patterns are discussed by phase portrait analysis at the end of this paper.

MSC:
91B62 Economic growth models
PDF BibTeX XML Cite
Full Text: DOI
References:
[1] Hsiao F S T, Hsiao M W. ”Miracle Growth” in the Twentieth Century–International Comparisons of East Asia Development[J]. World Development, 2003, 31(2): 227–257.
[2] Sachs J D, Warner A M. The Big Push, Natural Resource Booms and Growth[J]. Journal of Development Economics, 1999, 59: 43–76.
[3] Tomoyuki N. Catch-up in Turn in a Multi-Country International Trade Model with Learning-by-Doing and Invention[J]. Journal of Development Economics, 2003, 72: 117–138.
[4] Nelson R R. Recent Evolutionary Theorizing about Economic Change[J]. Journal of Economic Literature, 1995, 33(1): 48–90.
[5] Nelson R R, Winter S G. Evolutionary Theorizing in Economics[J]. The Journal of Economic Perspectives, 2002, 16(2): 23–46.
[6] Pan H. Dynamic and Endogenous of Input-Ouput Structure with Specific Layers of Technology[J]. Structural Change and Economic Dynamics, 2006, 17: 200–223.
[7] Banks R B. Growth and Diffusion Phenomena[M]. New York: Springer-Verlag, 1994. · Zbl 0788.92001
[8] Cai D. An Improved Solow-Swan Model[J]. Chinese Quarterly Journal of Mathematics, 1998, 13(2): 72–78(Ch). · Zbl 0926.91037
[9] Barro R J, Martin I X. Economic Growth[M]. New York: McGraw-Hill, 1995.
[10] Romer D. Advanced Macroeconomics[M]. 2nd Ed. New York: McGraw-Hill, 2001.
[11] Perko L. Differential Equations and Dynamical System[M]. New York: Springer-Verlag, 1991. · Zbl 0717.34001
[12] Wiggins S. Introduction to Applied Nonlinear Dynamical Systems and Chaos[M]. New York: Springer-Verlag, 1990. · Zbl 0701.58001
This reference list is based on information provided by the publisher or from digital mathematics libraries. Its items are heuristically matched to zbMATH identifiers and may contain data conversion errors. It attempts to reflect the references listed in the original paper as accurately as possible without claiming the completeness or perfect precision of the matching.