Canonical Classical Aggregate Growth Models

Bjarne S. Jensen ()
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Bjarne S. Jensen: University of Southern Denmark (SDU)

Chapter Chapter 9 in The Elements and Dynamic Systems of Economic Growth and Trade Models, 2025, pp 239-247 from Springer

Abstract: Abstract This chapter extend the classical growth models of Chap. 8 to aggregate (macro) models, replacing in the governing functions the former wage- and capital incomes by national income and with now using national factor accumulation parameters. The examinations of the solutions to the aggregate growth model are performed for both the decreasing return to scale (trap model) and constant return to scale (long-run balanced growth). The results of Chap. 8 carry over to the aggregate version. The chapter ends with a Synopsis of the classical growth models. The dynamic specifications of the classical growth modelsClassical growth modelclassical growth model in Chaps. 7 – 8 tacitly envisioned a so-called two-class society, Two-class societytwo-class society where one class (labor) propagates itself but does not save, while the other class (capitalist) saves (accumulating capital) but leaves no offspring beyond reproduction. The prevalent emphasis of such two-class features of classical growth may, however, be replaced by a one-classOne-class growth modelone-class growth model (aggregate) specification of the dynamic systems hitherto considered.

Keywords: Canonical aggregate growth models; Aggregate factor accumulation parameters; One-class dynamic system; Synopsis of classical growth (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-3-031-52493-6_9

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