کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
966151 930929 2008 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Neoclassical growth and the “trivial” steady state
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Neoclassical growth and the “trivial” steady state
چکیده انگلیسی
According to a common perception, the neoclassical economy void of capital cannot evolve to strictly positive levels of output, if capital is essential. We challenge this view and claim for a broad class of production functions, encompassing the neoclassical production function, that a take-off is possible even though the initial capital stock is zero and capital is essential. Since the marginal product of capital is initially infinite, the “trivial” steady state becomes so unstable that the solution to the equation of motion involves the possibility of a take-off. When it happens, the take-off has no cause.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 30, Issue 3, September 2008, Pages 1097-1103
نویسندگان
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