Oscillations in a Growth Model with Capital, Technology and Environment with Exogenous Shocks
Journal Title: Academicus - International Scientific Journal - Year 2015, Vol 6, Issue 12
Abstract
This paper generalizes the dynamic growth model with wealth accumulation, technological change and environmental change by Zhang (2012) by making all the parameters as time-dependent parameters. The model treats physical capital accumulation, knowledge creation and utilization, and environmental change as endogenous variables. It synthesizes the basic ideas of the neoclassical growth theory, Arrow’s learning-by-doing model and the traditional dynamic models of environmental change within a comprehensive framework. The behavior of the household is described with an alternative approach to household behavior. We simulated the model to demonstrate existence of equilibrium points, motion of the dynamic system, and oscillations due to different exogenous shocks.
Authors and Affiliations
Wei-Bin Zhang
Keywords
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- EP ID EP116856
- DOI 10.7336/academicus.2015.12.05
- Views 129
- Downloads 0
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