On Convergence in the Spatial AK Growth Models

Gani Aldashev, Serik Aldashev and Timoteo Carletti

Papers from arXiv.org

Abstract: Recent research in economic theory attempts to study optimal economic growth and spatial location of economic activity in a unified framework. So far, the key result of this literature - asymptotic convergence, even in the absence of decreasing returns to capital - relies on specific assumptions about the objective of the social planner. We show that this result does not depend on such restrictive assumptions and obtains for a broader class of objective functions. We also generalize this finding, allowing for the time-varying technology parameter, and provide an explicit solution for the dynamics of spatial distribution of the capital stock.

Date: 2014-01
New Economics Papers: this item is included in nep-geo and nep-gro
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Citations: View citations in EconPapers (4)

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