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Ramsey model with non-constant population growth

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  • Kajanovičová, Viktória
  • Novotný, Branislav
  • Pospíšil, Michal

Abstract

Ramsey model is a neoclassical model of economic growth. It describes the time evolution of capital and consumption in a closed economy with the exponential growth of the population. In this work, the Ramsey model for the general time evolution of the population is formulated and solved. Asymptotic behavior of solutions for different types of population development is investigated. In particular, the model with a population formed by a predator from an independent predator–prey system is solved numerically.

Suggested Citation

  • Kajanovičová, Viktória & Novotný, Branislav & Pospíšil, Michal, 2020. "Ramsey model with non-constant population growth," Mathematical Social Sciences, Elsevier, vol. 104(C), pages 40-46.
    • Handle: RePEc:eee:matsoc:v:104:y:2020:i:c:p:40-46
    DOI: 10.1016/j.mathsocsci.2020.01.004
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    References listed on IDEAS

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    1. Guerrini, Luca, 2010. "Transitional dynamics in the Ramsey model with AK technology and logistic population change," Economics Letters, Elsevier, vol. 109(1), pages 17-19, October.
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    3. Guerrini, Luca, 2010. "The Ramsey model with a bounded population growth rate," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 872-878, September.
    4. Guerrini, Luca, 2010. "A closed-form solution to the Ramsey model with logistic population growth," Economic Modelling, Elsevier, vol. 27(5), pages 1178-1182, September.
    5. Seierstad, Atle & Sydsaeter, Knut, 1977. "Sufficient Conditions in Optimal Control Theory," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 367-391, June.
    6. Guerrini, Luca, 2010. "The Ramsey model with AK technology and a bounded population growth rate," Journal of Macroeconomics, Elsevier, vol. 32(4), pages 1178-1183, December.
    7. Halkin, Hubert, 1974. "Necessary Conditions for Optimal Control Problems with Infinite Horizons," Econometrica, Econometric Society, vol. 42(2), pages 267-272, March.
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    Cited by:

    1. Hellwagner, Timon & Weber, Enzo, 2021. "Labour Market Adjustments to Population Decline," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242455, Verein für Socialpolitik / German Economic Association.

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