کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5054966 1371480 2012 4 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Growth and multiple equilibria: A unique local dynamics
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Growth and multiple equilibria: A unique local dynamics
چکیده انگلیسی

The paper investigates the local dynamics of a simple growth model with a public health factor. A notable feature of the model is that it employs a non-separable utility function between consumption and the level of public health infrastructure (publicly provided health environment). In addition to the effects on utility, an increase in the public health level contributes to labor productivity growth. From a three-dimensional dynamic system that includes physical capital, public health infrastructure and consumption, our model is found to have multiple equilibria (dual steady states) if the deep parameters of the utility function satisfy certain conditions. Then, numerical computations demonstrate that each equilibrium exhibits local saddle-path stability. This result deserves careful attention, as it indicates that the economy experiences a relatively undiversified growth pattern when converging on high- and low-growth equilibria. Our striking result has important implications in the study of growth and development.

► We examine the local dynamics of a simple growth model with a public health factor. ► Our model is found to have multiple equilibria under certain conditions. ► We show that numerically each equilibrium exhibits local saddle-path stability. ► This implies the economy experiences a relatively undiversified growth pattern.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 29, Issue 5, September 2012, Pages 1662-1665
نویسندگان
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