dorsal/arxiv
View SchemaOn Capital Dependent Dynamics of Knowledge
| Authors | Marek Szydlowski, Adam Krawiec |
|---|---|
| Categories | |
| ArXiv ID | physics/0608197 |
| URL | https://arxiv.org/abs/physics/0608197 |
| Journal | Acta Phys.Polon. B37 (2006) 3161-3170 |
Abstract
We investigate the dynamics of growth models in terms of dynamical system theory. We analyse some forms of knowledge and its influence on economic growth. We assume that the rate of change of knowledge depends on both the rate of change of physical and human capital. First, we study model with constant savings. The model with optimised behaviour of households is also considered. We show that the model where the rate of change of knowledge depends only on the rate of change of physical capital can be reduced to the form of the two-dimensional autonomous dynamical system. All possible evolutional paths and the stability of solutions in the phase space are discussed in details. We obtain that the rate of growth of capital, consumption and output are greater in the case of capital dependent rate of change of knowledge.
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"abstract": "We investigate the dynamics of growth models in terms of dynamical system\ntheory. We analyse some forms of knowledge and its influence on economic\ngrowth. We assume that the rate of change of knowledge depends on both the rate\nof change of physical and human capital. First, we study model with constant\nsavings. The model with optimised behaviour of households is also considered.\nWe show that the model where the rate of change of knowledge depends only on\nthe rate of change of physical capital can be reduced to the form of the\ntwo-dimensional autonomous dynamical system. All possible evolutional paths and\nthe stability of solutions in the phase space are discussed in details. We\nobtain that the rate of growth of capital, consumption and output are greater\nin the case of capital dependent rate of change of knowledge.",
"arxiv_id": "physics/0608197",
"authors": [
"Marek Szydlowski",
"Adam Krawiec"
],
"categories": [
"physics.soc-ph",
"q-fin.GN"
],
"journal_ref": "Acta Phys.Polon. B37 (2006) 3161-3170",
"title": "On Capital Dependent Dynamics of Knowledge",
"url": "https://arxiv.org/abs/physics/0608197"
},
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