Open AccessEconomic growth model in developing economies
Author(s) -
H. J. Gallardo Pérez,
Mawency Vergel Ortega,
Marling Carolina Cordero Díaz
Publication year - 2019
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1388/1/012033
Subject(s) - economics , elasticity of substitution , production function , production (economics) , cobb–douglas production function , constant elasticity of substitution , growth model , function (biology) , economic production , economic model , substitution (logic) , developing country , economy , microeconomics , economic growth , process (computing) , evolutionary biology , computer science , programming language , biology , operating system
Economic growth is a function of the interactions between the different productive factors framed in the economic policy of an economy. The present work tries to explain the economic growth in developing economies, for which a variation of the model on the dynamics of growth proposed by Lukas is proposed, consisting of using, instead of the production function of Cobb-Douglas, a function of production with constant substitution elasticity, since it is very probable that in incipient economies, this one better reflects the functional relationship between factors of production.