Re-formulation of the Solow economic growth model whit the Richards population growth law

Elvio Accinelli and Juan Brida

GE, Growth, Math methods from University Library of Munich, Germany

Abstract: In standard economic growth theory it is usually assumed that labor force follows exponential growth. That is not a realistic assumption. In this paper we introduce a generalized logistic equation (Richards law) that describes more accurately population growth. Then we analyze the neoclassical Solow model with growth of population following the Richards law, and compares it with the classical model with exponential growth. We show that with the Richards law, the intrinsic rate of population growth plays no role in determining long run equilibrium per worker level of capital. We also present the closed-form solution of the model when the production function is Cobb-Douglas and we analyze the stability of the model, contrasting its long run equilibrium with the steady state of the traditional model.

Keywords: Population growth; Solow's growth model; Richards equation. (search for similar items in EconPapers)
JEL-codes: C62 O41 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2005-08-26
Note: Type of Document - pdf; pages: 11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/ge/papers/0508/0508006.pdf (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:wpa:wuwpge:0508006

Access Statistics for this paper

More papers in GE, Growth, Math methods from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).