Aggregate Models of Economic Dynamics

Natali Hritonenko and Yuri Yatsenko
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Natali Hritonenko: Prairie View A&M University

Chapter Chapter 2 in Mathematical Modeling in Economics, Ecology and the Environment, 2013, pp 25-51 from Springer

Abstract: Abstract This chapter explores aggregate optimization models of the neoclassic economic growth theory, which are based on the concept of production functions. The models are described by ordinary differential equations and involve static and dynamic optimization. Section 2.1 analyzes production functions with several inputs, their fundamental characteristics, and major types (Cobb–Douglas, CES, Leontief, and linear). Special attention is given to two-factor production functions and their use in the neoclassic models of economic growth. Sections 2.2 and 2.3 describe and analyze the well-known Solow–Swan and Solow–Ramsey models. Section 2.4 contains maximum principles used to analyze dynamic optimization problems in this and other chapters.

Keywords: Neoclassical Economic Growth Theory; Solow-Swan Model; Cobb-Douglas Production Function; Turnpike Property; Turnpike Trajectory (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spochp:978-1-4614-9311-2_2

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DOI: 10.1007/978-1-4614-9311-2_2

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