scholarly journals Incorporating Fuzzy Logic in Harrod’s Economic Growth Model

Mathematics ◽  
2021 ◽  
Vol 9 (18) ◽  
pp. 2194
Author(s):  
Joan Carles Ferrer-Comalat ◽  
Salvador Linares-Mustarós ◽  
Ricard Rigall-Torrent
Keyword(s):  
Economic Growth ◽  
Fuzzy Logic ◽  
Growth Model ◽  
Growth Models ◽  
Classical Model ◽  
Economic Growth Model ◽  
Fuzzy Logic Theory ◽  
Endogenous Growth Models ◽  
Economic Growth Models ◽  
Equilibrium Growth

This paper suggests the possibility of incorporating the methodology of fuzzy logic theory into Harrod’s economic growth model, a classic model of economic dynamics for studying the growth of a developing economy based on the assumption that an economy with only savings and investment income is in equilibrium when savings are equal to investment. This model was the first precursor to exogenous growth models, which in turn gave rise to endogenous growth models. This article therefore represents a first step towards introducing fuzzy logic into economic growth models. The study concerned considers consumption and savings to depend on income by means of uncertain factors, and investment to depend on the variation of income through the accelerator factor, which we consider uncertain. These conditions are used to determine the equilibrium growth rate of income and investment, as well as the uncertain values for these variables in terms of fuzzy numbers. As a result, the new model is shown to expand the classical model by incorporating uncertainty into its variables.

scholarly journals COVID 19 – Is this a Result of Population Growth – Was a Malthusian Catastrophe Inevitable?

2020 ◽  
Vol 2 (12, 20) ◽  
Author(s):  
Carolyn V. Currie ◽  
Keyword(s):  
Economic Growth ◽  
Population Growth ◽  
Natural Disasters ◽  
Growth Model ◽  
Growth Models ◽  
Economic Growth Model ◽  
Economic Growth Models ◽  
Growth Economic

This article examines theories of population growth and puts forward a new economic growth model that would reduce the instance of natural disasters and pandemics. Keywords: Covid19, population growth, economic growth models

scholarly journals Exogenous and Endogenous Growth Models: a Critical Review

2018 ◽  
Vol 21 (4) ◽  
pp. 63-84
Author(s):  
Themba G. Chirwa ◽  
Nicholas M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Endogenous Growth ◽  
Growth Models ◽  
Real Exchange Rates ◽  
Returns To Scale ◽  
Economic Growth Model ◽  
Long Run ◽  
Study Results ◽  
Endogenous Growth Models

The main divisions of the theoretical economic growth literature that we study today include exogenous and endogenous growth models that have transitioned through a number of notions and criticisms. Proponents of exogenous growth models argue that technological progress is the key determinant of long‑run economic growth as well as international productivity differences. Within the endogenous growth models, there are two notions that are propagated. The first postulates that capital used for innovative purposes can exhibit increasing returns to scale and thus account for the international productivity differences we observe today. The key determinants include knowledge, human capital, and research and development. The second argues that factors that affect the efficiency of capital, and hence cause capital flight, can also explain international productivity differences. These factors that affect the efficiency of capital include government spending, inflation, real exchange rates, and real interest rates. Our study results reveal that there is still no agreement on the dominant theoretical economic growth model amongst economists that can fully account for international productivity differences. We conclude that the future of theoretical economic growth is far from over and more work needs to be done to develop more practical structural economic growth models.

Searching for a New Growth Model

2017 ◽  
pp. 5-23 ◽  
Author(s):  
G. Idrisov ◽  
V. Mau ◽  
A. Bozhechkova
Keyword(s):  
Economic Growth ◽  
Development Strategy ◽  
Growth Model ◽  
Growth Models ◽  
Investment Model ◽  
Growth Mechanisms ◽  
Secular Stagnation ◽  
Effective Development ◽  
Economic Growth Models ◽  
Political Decisions

The article discusses modern concepts and drivers that underlie economic growth models which serve as a basis for making economic and political decisions. Drawing on the fundamental economic growth mechanisms, the authors describe the differences among three competing Russian mid-term development strategies. They argue that some of the fundamental mechanisms seem to stop working (partly due to secular stagnation). Formulating the shapes of a new economic-investment model, the authors offer three hypotheses about new growth mechanisms that should be taken into account when building up an effective development strategy for our country.

Dynamic analysis in an economic growth model with CES utility function and delay

2020 ◽  
Author(s):  
Ramona Ioana Oprea ◽  
Pater Flavius ◽  
Adina Juratoni ◽  
Olivia Bundau
Keyword(s):  
Economic Growth ◽  
Dynamic Analysis ◽  
Utility Function ◽  
Growth Model ◽  
Economic Growth Model ◽  
Ces Utility Function

scholarly journals A Discrete Heterogeneous-Group Economic Growth Model with Endogenous Leisure Time

2009 ◽  
Vol 2009 ◽  
pp. 1-17
Author(s):  
Wei-Bin Zhang
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Income Distribution ◽  
Growth Model ◽  
Time Allocation ◽  
Capital Accumulation ◽  
Economic Growth Model ◽  
National Economic ◽  
The Rich ◽  
Main Engine

This paper proposes a one-sector multigroup growth model with endogenous labor supply in discrete time. Proposing an alternative approach to behavior of households, we examine the dynamics of wealth and income distribution in a competitive economy with capital accumulation as the main engine of economic growth. We show how human capital levels, preferences, and labor force of heterogeneous households determine the national economic growth, wealth, and income distribution and time allocation of the groups. By simulation we demonstrate, for instance, that in the three-group economy when the rich group's human capital is improved, all the groups will economically benefit, and the leisure times of all the groups are reduced but when any other group's human capital is improved, the group will economically benefit, the other two groups economically lose, and the leisure times of all the groups are increased.

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