The Theory of Endogenous Economic Growth and Equations of Mathematical Physics

V. Polterovich
Additional contact information
V. Polterovich: Central Economics and Mathematics Institute, Russian Academy of Sciences, Moscow, Russia
Authors registered in the RePEc Author Service: Виктор Меерович Полтерович

Journal of the New Economic Association, 2017, vol. 34, issue 2, 193-201

Abstract: The paper contains an overview of recent studies that use equations of mathematical physics, their analogs and modifications for describing endogenous evolution of firms' distribution by efficiency levels. The master equation is proposed that includes, as special cases, differential-difference analogues of the Burgers, Boltzmann, and Kolmogorov-Petrovsky-Piskunov equations. The analogues were applied by a number of authors in the study of Schumpeterian dynamics. The connections between the models of Schumpeterian dynamics and stochastic differential equations are demonstrated. A scheme for constructing multifactorial models of endogenous growth is also proposed, based on a combination of different imitation rules for different performance indicators. Directions for further research are outlined.

Keywords: Schumpeterian dynamics; imitation; innovation; Burgers equation; Boltzmann equation; Kolmogorov-Petrovsky-Piskunov equation (search for similar items in EconPapers)
JEL-codes: A12 C02 O33 O41 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.econorus.org/repec/journl/2017-34-193-201r.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2017:i:34:p:193-201

Access Statistics for this article

Journal of the New Economic Association is currently edited by Victor Polterovich and Aleksandr Rubinshtein

More articles in Journal of the New Economic Association from New Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Alexey Tcharykov ().