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Non‐linear Dynamics in the Infinite Time Horizon Model
Author(s) -
Nishimura Kazuo,
Sorger Gerhard
Publication year - 1999
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/1467-6419.00100
Subject(s) - uniqueness , growth theory , economics , dynamics (music) , mathematical economics , horizon , linear growth , time horizon , growth model , mathematics , econometrics , mathematical optimization , neoclassical economics , mathematical analysis , physics , geometry , acoustics
Using results from the theory of non‐linear dynamical systems, it has been shown that optimal growth theory can provide new explanations for business cycles and for international differences in growth and development. The present survey concentrates on this aspect of optimal growth theory, that is on the possibility of fluctuations and non‐uniqueness in models of optimal capital accumulation. It is a selective survey on non‐linear dynamics in infinite time horizon models of optimal growth.