Approach to Optimal Control in the Economic Growth Model with a Nonlinear Production Function

2018 ◽  
Author(s):  
Alina V. Boiko ◽  
Nikolay V. Smirnov
Keyword(s):  
Economic Growth ◽  
Optimal Control ◽  
Production Function ◽  
Growth Model ◽  
Economic Growth Model

scholarly journals MODEL PERTUMBUHAN EKONOMI ANTAR KELOMPOK DAN SIMULASINYA

2009 ◽  
Vol 8 (1) ◽  
pp. 67
Author(s):  
A. L. HERLIANI ◽  
E. H. NUGRAHANI ◽  
D. C. LESMANA
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Production Function ◽  
Growth Model ◽  
The Other ◽  
Distribution Model ◽  
Capital Productivity ◽  
Economic Growth Model ◽  
Total Capital ◽  
Primary Variable

Domar’s economic growth model only considers capital as primary variable for production function. On the other hand, Solow’s economic growth model has added the labor as variable in the production function. The aim of this paper is to study distribution model of economic growth among groups in two regions proposed by Zhang (2005). This model considers human capital productivity as one of parameters of the production function. It has been shown that the dynamical system has a unique equilibrium. Therefore, the changes of human capital and propensity to save will influence total capital stocks and capital stocks in each group. Analytically, it is found that an increase in human capital and propensity to save will increase total capital stocks and capital stocks in each group.

scholarly journals Technology progress implementation based on a modified version of R.M. Solow economic growth model: with production s-curve consisting of n-steps

2021 ◽  
pp. 99-109
Author(s):  
Alexey Lopatin
Keyword(s):  
Economic Growth ◽  
Life Cycle ◽  
Comparative Analysis ◽  
Production Function ◽  
Growth Model ◽  
Technological Progress ◽  
Large Time ◽  
Time Interval ◽  
Economic Growth Model ◽  
S Curve

The comparative analysis of the neoclassical Solow’s model and the modified Solow’s model in the implementation of technological progress has shown undeniable advantages of the modified Solow’s model. A modified version of the Solow’s economic growth model, based on an n-step production function in the form of n S-shaped functions for the implementation of technological progress, ensures the growth of the economy on a sufficiently large time interval comparable to the duration of the life cycle of the economy under study. In this interval, referred to as the “technology gap”, intensive output y (t) can be carried out according to the following options: monotonic decrease (stable 1-cycle) of the considered model; oscillations (stable n-cycles, n=2,4,16,…), “the economy marks time”; chaotic fluctuations. This result for the models of economic growth has not been described in the literature.

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