On the Dynamics of Knowledge-Based Economic Growth |
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| Authors: | Y Tsur A Zemel |
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| Institution: | (1) Department of Agricultural Economics and Management, Hebrew University of Jerusalem, Rehovot, 76100, Israel;(2) Department of Solar Energy and Environmental Physics, Jacob Blaustein Institutes for Desert Research, Ben Gurion University of the Negev, Sede Boker, Israel;(3) Department of Industrial Engineering and Management, Ben Gurion University of the Negev, Beer Sheva, Israel |
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| Abstract: | A geometric approach to characterize the solutions of higher-dimensional dynamic optimization problems is applied to a model
of knowledge-based economic growth. The characterization reveals a variety of growth patterns, ranging from sustained growth
to stagnation. Growth processes exhibit a turnpike property, reaching as rapidly as possible the path along which human and
physical capital are equally productive at the margin and evolving along it thereafter. Some growth processes display overshooting
behavior and some are sensitive to threshold capital stocks.
This work has been supported by the Paul Ivanier Center of Robotics and Production Management, Ben Gurion University of the
Negev, Beer Sheva, Israel. |
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| Keywords: | Optimal control Economic growth Human capital Turnpikes Bifurcations Overshooting |
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