Instability in the Basic Endogenous Growth Model

Jose Encarnacion

No 199504, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: It is shown that the competitive equilibrium path is unstable in the basic model of endogenous growth with increasing returns. An extension of the model to include physical capital accumulation separately is also unstable.JEL classification D90.

Date: 1995-04
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Published as UPSE Discussion Paper No.1995-04, April 1995

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