Existence and Stability of Steady State in an Augmented Solow Model with Multiple Capital Goods

• 作 者: Jian Li Yao Lu
• 机 构: School of Economics,Nanjing University,Nanjing 210093,China
• 出 处: 中国经济学前沿
• 发表日期: 2018年4期
• 关键词: multiple capital goods augmented Solow model essentiality of inputs steady state

This paper relaxes two assumptions on the traditional augmented Solow model:strict concavity of production functions and dual capital goods.It generalizes traditional conclusions of the Solow model by demonstrating that neoclassical properties of a production function are sufficient for the existence and global stability of the steady state in the augmented Solow model with multiple capital goods.Moreover,we prove necessity of essentiality of inputs for a neoclassical production function and generalize the golden rule of capital accumulation.