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Full-Text Articles in Business
Reassessing Edgeworth's Conjecture When Population Dynamics Is Stochastic, Simone Marsiglio
Reassessing Edgeworth's Conjecture When Population Dynamics Is Stochastic, Simone Marsiglio
Faculty of Business - Papers (Archive)
We analyze the implications of different welfare criteria on economic and population growth in the case of stochastic population change. Edgeworth (1925) argues that total utilitarianism leads to a lower economic performance and a larger population size than average utilitarianism. Following works show that while his intuition holds in a static framework, the result is unclear in a dynamic setting of endogenous growth. We show that if population dynamics is stochastic, Edgeworth's conjecture may or may not hold. In particular, which utilitarian criterion implies larger economic and population growth rates depends on the value of the inverse of the intertemporal …
The Dynamics Of Resource-Based Economic Development: Evidence From Australia And Norway, Simon Ville, Olav Wicken
The Dynamics Of Resource-Based Economic Development: Evidence From Australia And Norway, Simon Ville, Olav Wicken
Faculty of Business - Papers (Archive)
Australia and Norway have achieved modern levels of development as resourcebased economies, thus avoiding the so-called resource curse. Their ability to achieve this rested heavily on repeated diversification into new resource products and industries. These processes relied largely on innovation, confirming the close ties that have existed between resource-based industries and knowledgeproducing and disseminating sectors of society. We develop a resource-based diversification model that analyses the interaction between "enabling sectors" and resource industries and apply it to the historical experience of the two countries.
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, …