Open AccessPopulation dynamics and economic development
Author(s) -
Andrea Caravaggio,
Luca Gori,
Mauro Sodini
Publication year - 2021
Publication title -
discrete and continuous dynamical systems. series b
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.864
H-Index - 53
eISSN - 1553-524X
pISSN - 1531-3492
DOI - 10.3934/dcdsb.2021178
Subject(s) - fertility , economics , dynamics (music) , per capita income , demographic transition , population , per capita , indeterminate , population growth , econometrics , state (computer science) , demographic economics , mathematics , demography , physics , sociology , algorithm , pure mathematics , acoustics
This research develops a continuous-time optimal growth model that accounts for population dynamics resembling the historical pattern of the demographic transition. The Ramsey model then becomes able to generate multiple determinate or indeterminate stationary equilibria and explain the process of the transition from a state with high fertility and low income per capita to a state with low fertility and high income per capita. The article also investigates the emergence of damped or persistent cyclical dynamics.