Something out of nothing? : Neoclassical growth and the "Trivial" steady State

dc.creator	Hakenes, Hendrik
dc.creator	Irmen, Andreas
dc.date	2006
dc.date.accessioned	2013-10-16T07:03:05Z
dc.date.available	2013-10-16T07:03:05Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/19135
dc.identifier	ppn:510023029
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/19135
dc.description	A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function, that?surprisingly?show that a take-off is possible even though the initial capital stock is zero and capital is essential. Since the marginal product of capital is initially infinite, the ?trivial? steady state becomes so unstable that the solution to the equation of motion involves the possibility of a take-off. When it happens, the take-off is spontaneous: there is no causality, not even randomness.
dc.language	eng
dc.relation	CESifo working papers 1671
dc.rights	http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject	O11
dc.subject	N6
dc.subject	O41
dc.subject	O14
dc.subject	ddc:330
dc.subject	capital accumulation
dc.subject	neoclassical growth model
dc.subject	Wachstumstheorie
dc.subject	Neoklassik
dc.subject	Investition
dc.subject	Steady-State-Wachstum
dc.subject	Theorie
dc.title	Something out of nothing? : Neoclassical growth and the "Trivial" steady State
dc.type	doc-type:workingPaper

الملفات في هذه المادة

الملفات	الحجم	الصيغة	عرض
لا توجد أي ملفات مرتبطة بهذه المادة.