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| Author: | Mitra, T. |
| Title: | On equilibrium dynamics under externalities in a model of economic development |
| Journal: | Japanese Economic Review
1998 : JUN, VOL. 49:2, p. 85-107 |
| Index terms: | DYNAMIC MODELS ECONOMICS DEVELOPMENT |
| Language: | eng |
| Abstract: | This paper studies a discrete-time version of a model of economic development proposed by Lucas, in which the average stock of human capital produces a positive externality in the production of the physical capital good. It establishes the existence of equilibrium programmes from arbitrary initial conditions, and of an equilibrium steady-state programme. The principal results are concerned with the global dynamic behavior of equilibrium programmes off the steady state. |
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