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Delay growth model augmented with physical and human capitals

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  • Matsumoto, Akio
  • Szidarovszky, Ferenc

Abstract

A growth model with a special production function augmented with physical capital and human capital is modified and used to explain the birth of cyclical dynamics. Crucial feature of the model is the assumption that there are a gestation delay and a maturation delay in constructing physical capital and human capital, respectively. Dynamics is described by a continuous time system of delay differential equations. Stability switching curves and directions of stability switches are analytically derived where stability of the model might be lost and regained. Its shape is numerically verified and it is confirmed that the two-delay model can generate a wide variety of dynamics from simple dynamics to complex dynamics.

Suggested Citation

  • Matsumoto, Akio & Szidarovszky, Ferenc, 2020. "Delay growth model augmented with physical and human capitals," Chaos, Solitons & Fractals, Elsevier, vol. 130(C).
    • Handle: RePEc:eee:chsofr:v:130:y:2020:i:c:s0960077919303984
    DOI: 10.1016/j.chaos.2019.109452
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Luca Guerrini & Akio Matsumoto & Ferenc Szidarovszky, 2019. "Neoclassical growth model with two fixed delays," Metroeconomica, Wiley Blackwell, vol. 70(3), pages 423-441, July.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    4. Akio Matsumoto & Ferenc Szidarovszky, 2018. "Dynamic Oligopolies with Time Delays," Springer Books, Springer, number 978-981-13-1786-6, June.
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    Cited by:

    1. Matsumoto, Akio & Szidarovszky, Ferenc, 2023. "Delay Solow Model with a Normalized CES Production Function," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 305-323.
    2. Gilberto González-Parra & Benito Chen-Charpentier & Abraham J. Arenas & Miguel Díaz-Rodríguez, 2022. "Mathematical Modeling of Physical Capital Diffusion Using a Spatial Solow Model: Application to Smuggling in Venezuela," Economies, MDPI, vol. 10(7), pages 1-16, July.
    3. G. Rigatos & P. Siano & M. Abbaszadeh & T. Ghosh, 2021. "Nonlinear optimal control of coupled time-delayed models of economic growth," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(1), pages 375-399, June.
    4. Akio Matsumoto & Ferenc Szidarovszky, 2021. "Delay two-sector economic growth model with a Cobb–Douglas production function," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(1), pages 341-358, June.

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