A SHORT SURVEY ON CHAOTIC DYNAMICS IN SOLOW-TYPE GROWTH MODELS

Cesare Palmisani

Journal of Applied Economic Sciences, 2008, vol. 3, issue 3(5)_Fall2008, 270-280

Abstract: In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models � put forward by Day (1982, 1983); B�hm and Kaas (2000); and Commendatore (2005) � we show that crucial features which could determine the emergence of regular or irregular growth cycles are (i) if the average saving ratio is constant or not; and (ii) the curvature of production function, representing the degree of substitutability between labour and capital. The lower the degree of substitutability, the higher the likelihood of complex behaviour.

Keywords: Logistic Map; Li-York Chaos; Growth Models; Local Stability; Triangle Stability (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ush:jaessh:v:3:y:2008:i:3(5)_fall2008:p:270-280

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