Złote reguły akumulacji w N-kapitałowym modelu wzrostu gospodarczego

Paweł Dykas, Anna Sulima and Tomasz Tokarski

Gospodarka Narodowa-The Polish Journal of Economics, 2008, vol. 2008, issue 11-12

Abstract: The paper aims to theoretically determine the golden rules of capital accumulation—as defined by American economist Edmund S. Phelps—under the “N-capital” economic growth model based on a uniform macroeconomic production function, Ξ>0. With Ξ=1, the macroeconomic production function discussed in the paper is characterized by constant scale effects (as in the case of neoclassical growth models developed by Solow, Mankiw, Romer, Weil, Nonneman, and Vanhoudt), the authors say, while with Ξ<1/Ξ>1 the scale effects of the production process decrease/increase. The authors show that the growth model analyzed in the paper is characterized by asymptotic stability in a certain environment. The authors also examine the long-run growth paths of basic macroeconomic variables in the analyzed model and identify the golden rules of capital accumulation under the N-capital growth model when the production process leads to scale effects.

Keywords: Production; Economics (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ags:polgne:356619

DOI: 10.22004/ag.econ.356619

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