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The Solow model improved through the logistic manpower growth law
Authors:Giovanni Mingari Scarpello  Daniele Ritelli
Institution:(1) Present address: via Negroli, 6, 20133 Milano, Italy;(2) Present address: Dipartimento di Matematica per le Scienze Economiche e Sociali, viale Filopanti, 5, 40127 Bologna, Italy
Abstract:In this paper the neo-classical economic Solow-Swan model (1956) has been improved replacing its Malthusian manpower law with the Verhulst (logistic) one. The relevant ordinary differential equation for the ratio capital/work has been then integrated in closed form via the Hypergeometric function2 F 1. The logistic growth injection for the manpower is detected to induce a more slow dynamics onto the Solow-Swan system, which keeps its stability. Increasing developments are displayed as the technologic progress rises. Further sceneries are tested and the congruence of the new solution with the classical one is shown switching to zero the selflimitation coefficent in the logistic law. Research supported by MURST grant:Metodi matematici in economia
Keywords:Primary 34A05  Secondary 33C05
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