✦ LIBER ✦

Growth and long-run stability

✍ Scribed by Bjarne Sloth Jensen; Mogens Esrom Larsen

Publisher: Springer Netherlands
Year: 1987
Tongue: English
Weight: 864 KB
Volume: 9
Category: Article
ISSN: 0167-8019
DOI: 10.1007/bf00047540

No coin nor oath required. For personal study only.

✦ Synopsis

This paper analyses the implications of persistent growth upon the stability properties of dynamic models. Besides the traditional concept of asymptotic stability, new stability criteriastrong/weak absolute, strong/weak relative, strong/weak logarithmic stability -are introduced, and global stability conditions for satisfying these criteria are stated for general first-order autonomous differential equations. The conflict between rapidity of growth and the degree of stability is demonstrated. Economic applications of the stability theorems are illustrated within the growth models of Harrod and Solow.

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