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Mechanism of Hyperbolic Growth Explained

Author

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  • Ron W. NIELSEN

    (Griffith University, Environmental Futures Research Institute, Australia.)

Abstract

Fundamental law of growth is used to explain the mechanism of hyperbolic growth of human population and of the Gross Domestic Product (GDP). Hyperbolic growth is described by a simple mathematical formula and the explanation of its mechanism turns out to be also simple. Historical economic growth was prompted by the familiar net market force, which was on average directly proportional to the existing wealthexpressed usually as the GDP. The larger was the GDP, the stronger was the driving force and the faster was the economic growth. It is shown that this simple force generates hyperbolic growth. No other force is required. Hyperbolic growth is not assumed but derived when using this force. Historical growth of population was prompted by thebiologically driven force of procreation, which was on average approximately constant per person. This force includes the natural, familiar, biologically controlled process of births, aging and dying. Here again, hyperbolic growth is not assumed but derived when using this force.Explanation of two demographic transitions in the past 12,000 years in the growth of population and of the currently experienced transition is also proposed. Currently, economic growth and the growth of population are no longer unconstrained. Other additional forces contribute significantly to the growth process and the growth is no longer hyperbolic.

Suggested Citation

  • Ron W. NIELSEN, 2016. "Mechanism of Hyperbolic Growth Explained," Journal of Economics Library, KSP Journals, vol. 3(4), pages 603-620, December.
    • Handle: RePEc:ksp:journ5:v:3:y:2016:i:4:p:603-620
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    References listed on IDEAS

    as
    1. Oded Galor & Omer Moav, 2002. "Natural Selection and the Origin of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1133-1191.
    2. Oded Galor, 2005. "The Demographic Transition and the Emergence of Sustained Economic Growth," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 494-504, 04/05.
    3. Ron W. NIELSEN, 2016. "Interpretations of Hyperbolic Growth," Journal of Economics and Political Economy, KSP Journals, vol. 3(4), pages 594-626, December.
    4. Galor, Oded, 2007. "Multiple growth regimes - Insights from unified growth theory," Journal of Macroeconomics, Elsevier, vol. 29(3), pages 470-475, September.
    5. Oded Galor, 2011. "Unified Growth Theory and Comparative Development," Rivista di Politica Economica, SIPI Spa, issue 2, pages 9-21, April-Jun.
    6. Ron W. NIELSEN, 2016. "The dichotomy of Malthusian positive checks: Destruction and even more intensified regeneration," Journal of Economics Bibliography, KSP Journals, vol. 3(3), pages 409-433, September.
    7. Conrad Taeuber & Irene B. Taeuber, 1949. "World Population Trends," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 31(1_Part_2), pages 237-250.
    8. Ron W. NIELSEN, 2016. "The Law of Growth," Journal of Economic and Social Thought, KSP Journals, vol. 3(4), pages 481-489, December.
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    Citations

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    Cited by:

    1. Ron W. NIELSEN, 2017. "Demographic Catastrophes Did Not Shape the Growth of Human Population or the Economic Growth," Journal of Economic and Social Thought, KSP Journals, vol. 4(2), pages 121-141, June.
    2. Ron W. NIELSEN, 2017. "Explaining the Origin of the Anthropocene and Predicting Its Future," Journal of Economic and Social Thought, KSP Journals, vol. 4(4), pages 354-386, December.
    3. Ron W. NIELSEN, 2017. "Puzzling Features of the Historical Income per Capita Distributions Explained," Journal of Economics Bibliography, KSP Journals, vol. 4(1), pages 10-24, March.
    4. Ron W. Nielsen, 2017. "Changing the Direction of the Economic and Demographic Research," Papers 1708.08673, arXiv.org.
    5. Ron W. NIELSEN, 2017. "Changing the direction of the economic and demographic research," Journal of Economics Library, KSP Journals, vol. 4(3), pages 288-309, September.

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    More about this item

    Keywords

    Hyperbolic growth; Mechanism of growth; Population growth; Economic growth;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • Y80 - Miscellaneous Categories - - Related Disciplines - - - Related Disciplines

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