Discrete dynamics in a Solow growth model with constant differential savings and non-population growth constant
DOI:
https://doi.org/10.46553/ensayos.3.3.2021.p25-39Keywords:
mathematical methods, discrete dynamical systems, bidimensional noninvertible maps, economic growthAbstract
This paper considers the Solow economic growth model in discrete-time, with constant
but different saving rates for workers and shareholders, and non-constant population
growth rate given by discrete Richards’s equation. Its dynamical behavior is investigated
including cycles and chaos emerging, mixing analytical tools, and computational
simulations. Finally, chaos emerging is quantified using Lyapunov exponents,
understanding the introduced model in economic terms.
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Ensayos de Política Económica