In search of a new economic model determined by logistic growth

Roman G. Smirnov and Kunpeng Wang

Papers from arXiv.org

Abstract: In this paper we extend the work by Ryuzo Sato devoted to the development of economic growth models within the framework of the Lie group theory. We propose a new growth model based on the assumption of logistic growth in factors. It is employed to derive new production functions and introduce a new notion of wage share. In the process it is shown that the new functions compare reasonably well against relevant economic data. The corresponding problem of maximization of profit under conditions of perfect competition is solved with the aid of one of these functions. In addition, it is explained in reasonably rigorous mathematical terms why Bowley's law no longer holds true in post-1960 data.

Date: 2017-11, Revised 2018-10
New Economics Papers: this item is included in nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://arxiv.org/pdf/1711.02625 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1711.02625

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().