The Dynamic Systems of Basic Economic Growth Models

Two central problems in the pure theory of economic growth are analysed in this monograph: 1) the dynamic laws governing the economic growth processes, 2) the kinematic and geometric properties of the set of solutions to the dynamic systems. With allegiance to rigor and the emphasis on the theoretical fundamentals of prototype mathematical growth models, the treatise is written in the theorem-proof style. To keep the exposition orderly and as smooth as possible, the economic analysis has been separated from the purely mathematical issues, and hence the monograph is organized in two books. Regarding the scope and content of the two books, an "Introduction and Over view" has been prepared to offer both motivation and a brief account. The introduc tion is especially designed to give a recapitulation of the mathematical theory and results presented in Book II, which are used as the unifying mathematical framework in the analysis and exposition of the different economic growth models in Book I. Economists would probably prefer to go directly to Book I and proceed by consult ing the mathematical theorems of Book II in confirming the economic theorems in Book I. Thereby, both the independence and interdependence of the economic and mathematical argumentations are respected.

Klappentext

This volume presents a mathematical analysis of cumulative processes of economic growth. In continuous time, the fundamentals of economic growth models are expressed by systems of nonlinear differential equations. With homogeneous dynamic systems as the unifying mathematical framework, the long-run stability properties and the phase portraits of the solutions to classical, neoclassical and Keynesian growth models are analyzed. The general structure and the solutions of two-sector growth models are also treated, with special attention given to output composition and factor allocation issues involved in general equilibrium dynamics. Among other results, this work shows that the dynamic structures and the kinematics of prototype growth models are globally robust. br/ The monograph is divided in two sections: (1) Basic Economic Growth Models -- An Axiomatic Approach; (2) Basic Dynamic Systems. br/ For scholars in economics and applied mathematics; recommended as a reference book for researchers and as a supplementary graduate textbook in economics and mathematics. A familiarity with calculus, ordinary differential equations, and the basic concepts of linear algebra is assumed. br/

Inhalt
and Overview.- 1 Basic laws of production.- 2 Classical growth models and homogeneity.- 3 Classical growth models and minimal factor rewards.- 4 Aggregate endogenous growth models.- Synopsis of endogenous growth models.- 5 Neoclassical growth models.- 6 Keynesian growth models.- 7 Leontief technology and efficient factor utilization.- 8 Flexible technologies and proportional saving.- 9 Flexible technologies and classical saving.- Synopsis of two-sector growth models.- Final comments.- 10 Homogeneous Dynamics in the Plane.- 11 Linear and Affine Dynamics in the Plane.- 12 Quasi-Homogeneous Dynamics in the Plane.- 13 Discrete Linear Dynamics in the Plane.- Addendum: Growth and Long-Run Stability.- Bibliography: Book I.- Bibliography: Book II.