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| Author: | Desai, M. |
| Title: | An endogenous growth cycle with vintage capital |
| Journal: | Economics of Planning
1995 : VOL. 28:2-3, SPECIAL ISSUE, p. 87-91 |
| Index terms: | GROWTH CAPITAL ECONOMICS |
| Language: | eng |
| Abstract: | This paper extends Solow's vintage capital model by (a) deriving profits as a function of investments, and (b) adding an investment financing equation in terms of profits. It is shown that these extensions lead to a completely endogenous growth model. The dynamic system yields an equilibrium which is a centre and hence the economy cycles perpetually around the equilibrium point , never reaching it. |
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