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      Oscillations in a Growth Model with Capital, Technology and Environment with Exogenous Shocks

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          Abstract

          This paper generalizes the dynamic growth model with wealth accumulation, technological change and environmental change by Zhang (2012) by making all the parameters as time-dependent parameters. The model treats physical capital accumulation, knowledge creation and utilization, and environmental change as endogenous variables. It synthesizes the basic ideas of the neoclassical growth theory, Arrow’s learning-by-doing model and the traditional dynamic models of environmental change within a comprehensive framework. The behavior of the household is described with an alternative approach to household behavior. We simulated the model to demonstrate existence of equilibrium points, motion of the dynamic system, and oscillations due to different exogenous shocks.

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          Author and article information

          Journal
          Academicus : International Scientific Journal
          Academicus Journal
          01 July 2015
          : MMXV
          : 12
          : 73-93
          Article
          28b4b27a52e849e88927e86623fd9ad1
          10.7336/academicus.2015.12.05

          Distributed under the terms of the https://creativecommons.org/licenses/by-nc-nd/4.0/, which permits noncommercial use and distribution in any medium, provided the original author(s) and source are credited, and the original work is not modified.

          Product
          Categories
          Social Sciences
          H
          Economics as a science
          HB71-74

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