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THE SOLOW’S MODEL WITH ENDOGENOUS POPULATION:A NEOCLASSICAL GROWTH CYCLE MODEL
THE SOLOW’S MODEL WITH ENDOGENOUS POPULATION: A NEOCLASSICAL GROWTH CYCLE MODEL
경제연구소 (Hanyang Economic Research Institute)|2003.12|Journal of Economic Development|제28권 제2호|pp. 103-116
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Abstract
It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the “first” stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also capable to endogenously explain a second main stylised fact of growth, i.e., the generation of globally stable oscillations around the path of balanced growth.
참고문헌 (14)
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