Growth dynamics and returns to scale: Bifurcation analysis

• 成果类型: Article
• 署名作者: Antinolfi, G; Keister, T; Shell, K
• 署名单位: Washington University (WUSTL); Universidad Nacional Autonoma de Mexico; Instituto Tecnologico Autonomo de Mexico; Cornell University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.1999.2632
• 发表日期: 2001
• 页码: 70-96
• 关键词: returns to scale; transcritical bifurcation; boundary bifurcation; endogenous growth; inventive activity

摘要

We investigate the dependence of the dynamic behavior of an endogenous growth model on the degree of returns to scare. We focus on a simple (but representative) growth model with publicly funded inventive activity. We show that constant returns to reproducible Factors (the leading case in the endogenous growth literature) is a bifurcation point, and that it has the characteristics of a transcritical bifurcation. The bifurcation involves the boundary of the state space, making it difficult to formally verify this classification. For a special case, we provide a transformation that allows Formal classification by existing methods. We discuss the new methods that would be needed for Formal verification of transcriticality in a broader class of models. Journal of Economic Literature Classification Numbers: O41, O30. (C) 2001 Acadeinic Press.