Dynamic Structure, Exogeneity—Time Paths, Phase Portraits for Two-Factor and Multi-Factor Macro Growth Models

Bjarne S. Jensen ()
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Bjarne S. Jensen: University of Southern Denmark (SDU)

Chapter Chapter 12 in The Elements and Dynamic Systems of Economic Growth and Trade Models, 2025, pp 279-324 from Springer

Abstract: Abstract This chapter studies autonomous dynamic systems that allow for the existence of economic growth per capita without dynamically generating explosive solutions. The implications of any degree of homogeneity, including increasing returns to scale in production, must be carefully examined in two and higher dimensions. Moreover, the necessity of introducing some exogenous state variables will be demonstrated within homogeneous dynamic systems. We solve and demonstrate the dynamic implications of scale and the substitution elasticities in various basic (two-factor) and augmented (multi-factor) macro growth models. Our general propositions and the specific results will be related to the seminal macro growth model contributions in economics.

Keywords: Homogeneous indecomposable dynamics; Time domain; Degree of homogeneity; Exogeneity and dynamic subsystems; Explicit solutions of macro growth models; Phase portraits; Persistent growth (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-52493-6_12

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DOI: 10.1007/978-3-031-52493-6_12

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