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Economic Growth: Technical Progress, Population Dynamics And Sustainability, Simone Marsiglio
Economic Growth: Technical Progress, Population Dynamics And Sustainability, Simone Marsiglio
Faculty of Business - Papers (Archive)
Economic growth is probably the most important goal of every policy intervention because of its wide consequences on the welfare of current and future generations. Because of the current crisis faced by several industrialized countries, this is probably much clearer today than in the past. In order to determine whether and which kind of public intervention can be taken to restore the growth process, the first step is understanding the relationship between different factors and economic growth. The goal of this brief paper is to shed some light on the mutual implications of growth and some of these factors: demography, …
Population Dynamics And Utilitarian Criteria In The Lucas - Uzawa Model, Simone Marsiglio, Davide La Torre
Population Dynamics And Utilitarian Criteria In The Lucas - Uzawa Model, Simone Marsiglio, Davide La Torre
Faculty of Business - Papers (Archive)
This paper introduces population growth in the Uzawa-Lucas model, analyzing the implications of the choice of the welfare criterion on the model's outcome. Traditional growth theory assumes population growth to be exponential, but this is not a realistic assumption (see Brida and Accinelli, 2007). We model exogenous population change by a generic function of population size. We show that a unique non-trivial equilibrium exists and the economy converges towards it along a saddle path, independently of population dynamics. What is affected by the type of population dynamics is the dimension of the stable manifold, which can be one or two, …