Combining Differential Equations with Stochastic for Economic Growth Models in Indonesia: A Comprehensive Literature Review

Muhamad Deni Johansyah (), Endang Rusyaman, Bob Foster, Khoirunnisa Rohadatul Aisy Muslihin and Asep K. Supriatna
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Muhamad Deni Johansyah: Department of Mathematics, Faculty of Mathematics and Natural Sciences, Universitas Padjadjaran, Jalan Raya Bandung-Sumedang, Km. 21, Jatinangor, Sumedang 45363, Jawa Barat, Indonesia
Endang Rusyaman: Department of Mathematics, Faculty of Mathematics and Natural Sciences, Universitas Padjadjaran, Jalan Raya Bandung-Sumedang, Km. 21, Jatinangor, Sumedang 45363, Jawa Barat, Indonesia
Bob Foster: Faculty of Economics and Business, Universitas Informatika dan Bisnis Indonesia, Jalan Soekarno-Hatta No. 643, Bandung 40285, Jawa Barat, Indonesia
Khoirunnisa Rohadatul Aisy Muslihin: Department of Mathematics, Faculty of Mathematics and Natural Sciences, Universitas Padjadjaran, Jalan Raya Bandung-Sumedang, Km. 21, Jatinangor, Sumedang 45363, Jawa Barat, Indonesia
Asep K. Supriatna: Department of Mathematics, Faculty of Mathematics and Natural Sciences, Universitas Padjadjaran, Jalan Raya Bandung-Sumedang, Km. 21, Jatinangor, Sumedang 45363, Jawa Barat, Indonesia

Mathematics, 2024, vol. 12, issue 20, 1-15

Abstract: Economic growth modeling is one of the methods a government can use to formulate appropriate economic policies to improve the prosperity of its people. Differential equations and stochastic models play a major role in studying economic growth. This article aims to conduct a literature review on the use of differential equations in relation to stochastics to model economic growth. In addition, this article also discusses the use of differential and stochastic equations in economic growth models in Indonesia. This study involves searching for and selecting articles to obtain a collection of research works relevant to the application of differential and stochastic equations to economic growth models, supported by bibliometric analysis. The results of this literature review show that there is still little research discussing economic growth models using differential equations combined with stochastic models, especially those applied in Indonesia. While the application of these models remains relatively limited, their potential to offer deeper insights into the complex dynamics of economic growth is undeniable. By further developing and refining these models, we can gain a more comprehensive understanding of the factors driving growth and the potential implications of various economic policies. This will ultimately equip policy-makers with a more powerful analytical tool for making informed decisions.

Keywords: economic growth; differential equations; Indonesia; stochastic; systematic literature review (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2024
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