Solving Technological Change Model by Using Fractional Calculus
Tolga Omay and
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Dumitru Baleanu: Çankaya University
Chapter 1 in Innovation Policies, Business Creation and Economic Development, 2009, pp 3-12 from Springer
Abstract Fractional calculus is a generalization of classical calculus, which is a generalization of ordinary differentiation and integration to arbitrary order, and has recently been used in various fields like physics, engineering, biology, and finance. By applying fractional calculus to Romer’s Technological Change Model, we introduce this new method to the field of economics and obtain a generalized solution for the model.
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