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On the Dynamics of Knowledge-Based Economic Growth

Author

Listed:
  • Y. Tsur

    (Hebrew University of Jerusalem)

  • A. Zemel

    (Ben Gurion University of the Negev
    Ben Gurion University of the Negev)

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.

Suggested Citation

  • Y. Tsur & A. Zemel, 2007. "On the Dynamics of Knowledge-Based Economic Growth," Journal of Optimization Theory and Applications, Springer, vol. 135(1), pages 101-115, October.
    • Handle: RePEc:spr:joptap:v:135:y:2007:i:1:d:10.1007_s10957-007-9226-9
    DOI: 10.1007/s10957-007-9226-9
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    References listed on IDEAS

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    Cited by:

    1. Tsur, Yacov & Zemel, Amos, 2009. "On the Dynamics of Competing Energy Sources," Discussion Papers 55265, Hebrew University of Jerusalem, Department of Agricultural Economics and Management.
    2. Tsur, Yacov & Zemel, Amos, 2007. "Towards endogenous recombinant growth," Journal of Economic Dynamics and Control, Elsevier, vol. 31(11), pages 3459-3477, November.

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