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Comparability of the Neoclassical Economic Growth models: The Ramsey Models in Perspective

Author

Listed:
  • Fosu, Gabriel Obed
  • Gogovi, Gideon
  • Appati, Justice
  • Bondzie, Eric Amoo

Abstract

The paper outlined two systems of differential equations: the Ramsey-Cass-Koopmans(RCK) growth model with exponential growth of labour(population) and Ramsey-Cass-Koopmans model with logistic growth rate of labour. The stability properties of these models are outlined in the neighbourhood of the steady state with a set of benchmark parameters. We compare the performance ability of this models in the case of developed and developing countries.

Suggested Citation

  • Fosu, Gabriel Obed & Gogovi, Gideon & Appati, Justice & Bondzie, Eric Amoo, 2013. "Comparability of the Neoclassical Economic Growth models: The Ramsey Models in Perspective," MPRA Paper 69284, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69284
    as

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    File URL: https://mpra.ub.uni-muenchen.de/69284/1/MPRA_paper_69284.pdf
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    References listed on IDEAS

    as
    1. Kraay, Aart & Raddatz, Claudio, 2007. "Poverty traps, aid, and growth," Journal of Development Economics, Elsevier, vol. 82(2), pages 315-347, March.
    2. 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.
    3. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(3), pages 233-240.
    4. Juan Gabriel Brida & Elvio Accinelli, 2007. "The Ramsey model with logistic population growth," Economics Bulletin, AccessEcon, vol. 3(15), pages 1-8.
    5. Petr Duczynski, 2002. "Technological Diffusion in the Ramsey Model," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 1(3), pages 243-250, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Per worker capital; Ramsey-Cass-Koopmans (RCK) model; Stability.;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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