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Dynamic Structure, Exogeneity, Phase Portraits, Growth Paths, and Scale and Substitution Elasticities

Author

Listed:
  • Bjarne S. Jensen
  • Preben K. Alsholm
  • Morgens E. Larsen
  • Jens Martin Jensen

Abstract

The paper studies autonomous dynamic systems that allow for the existence of economic growth per capita without dynamically generating explosive solutions. The implications of any degree of homogeneity, including increasing returns to scale in production, must be carefully examined in two and higher dimensions. The necessity of introducing some exogenous state variables is demonstrated within homogeneous dynamic systems. The authors solve and demonstrate the dynamic implications of scale and the substitution elasticities in various basic (two‐factor) and augmented (multifactor) aggregate growth models.

Suggested Citation

  • Bjarne S. Jensen & Preben K. Alsholm & Morgens E. Larsen & Jens Martin Jensen, 2005. "Dynamic Structure, Exogeneity, Phase Portraits, Growth Paths, and Scale and Substitution Elasticities," Review of International Economics, Wiley Blackwell, vol. 13(1), pages 59-89, February.
    • Handle: RePEc:bla:reviec:v:13:y:2005:i:1:p:59-89
    DOI: 10.1111/j.1467-9396.2005.00492.x
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    Citations

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    Cited by:

    1. Lifeng Zhang, 2015. "A Multi-sector Model of Public Expenditure and Growth," Journal of Economics, Springer, vol. 115(1), pages 73-93, May.
    2. Carstensen Kai & Hartmann Susanne & Gundlach Erich, 2009. "The Augmented Solow Model with Mincerian Schooling and Externalities," German Economic Review, De Gruyter, vol. 10(4), pages 448-463, December.
    3. repec:bla:germec:v:10:y:2009:i::p:448-463 is not listed on IDEAS
    4. Bjarne S. Jensen & Ulla Lehmijoki, 2011. "Homothetic Multisector Growth Models," DEGIT Conference Papers c016_001, DEGIT, Dynamics, Economic Growth, and International Trade.
    5. Wei-Bin Zhang, 2014. "Growth and inequality examined by integrating the Walrasian general equilibrium and neoclassical growth theories," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 7(1), pages 7-32, April.
    6. repec:bla:germec:v:10:y:2009:i::p:384-400 is not listed on IDEAS
    7. Bjarne S. Jensen & Ulla Lehmijoki, 2010. "Solution and Phase Portraits of Endogenous Growth Models with Optimal Saving," DEGIT Conference Papers c015_004, DEGIT, Dynamics, Economic Growth, and International Trade.
    8. W. Sanderson & A. Tarasyev & A. Usova, 2015. "Optimal Two Sector Growth Models with Three Factors," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 85-99, February.
    9. Bjarne S. Jensen, 2009. "Dynamic Extensions of the Solow Growth Model (1956): Editorial," German Economic Review, Verein für Socialpolitik, vol. 10(4), pages 378-383, November.
    10. repec:bla:germec:v:10:y:2009:i::p:378-383 is not listed on IDEAS
    11. Thorsten Pampel, 2009. "On the Dynamics of Basic Growth Models: Ratio Stability vs. Convergence and Divergence in State Space," German Economic Review, Verein für Socialpolitik, vol. 10(4), pages 384-400, November.

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