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A generalized Solow-Swan model. (English) Zbl 1406.91256

Summary: We set up a generalized Solow-Swan model to study the exogenous impact of population, saving rate, technological change, and labor participation rate on economic growth. By introducing generalized exogenous variables into the classical Solow-Swan model, we obtain a nonautomatic differential equation. It is proved that the solution of the differential equation is asymptotically stable if the generalized exogenous variables converge and does not converge when one of the generalized exogenous variables persistently oscillates.

MSC:

91B62 Economic growth models
34D20 Stability of solutions to ordinary differential equations
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