An Evolutionary Model of Economic Growth

Victor Polterovich and Gennadi Henkin
Authors registered in the RePEc Author Service: Виктор Меерович Полтерович

MPRA Paper from University Library of Munich, Germany

Abstract: We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually stabilizes; this curve moves with almost constant speed; neither the shape nor the speed asymptotically depend on initial conditions. A growth model is suggested, and it is proved that, in the process of economic growth, the evolution of distribution of capacity by efficiency levels approximately follows the generalized evolutionary equation. Modifications of the growth model are discussed.

Keywords: imitation; innovation; evolutionary equation; wave solutions; stability; economic growth; investment; distribution of production capacities (search for similar items in EconPapers)
JEL-codes: O33 O41 (search for similar items in EconPapers)
Date: 1990
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Citations: View citations in EconPapers (1)

Published in Matekon 3.26(1990): pp. 44-64

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