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- W4235835923 abstract "In this chapter, we consider generalizations of various Solow growth models. In the first section after the Introduction, we discuss a possibility of generalizing the standard Solow-Swan model by taking into account the fading memory. We demonstrate that the violation of the standard product (Leibniz) rule for fractional derivatives gives a restriction in the construction of such generalizations. In the second section, we proposed a generalization of the model of long-run growth, in which we take into account the power-law memory, and the power-law form of the dynamics of the labor and knowledge. In the third section, we consider a generalization of the standard growth model for closed economy without capital depreciation. For the suggested model with memory, we derive nonlinear fractional differential equation and its explicit analytical solution. In this chapter, we prove that the rate of growth with memory can be greater than the rate of growth without memory. In other words, we prove for nonlinear growth models with memory that growth rates can be changed by memory effects. This chapter is based on work [386, 383] (see also book [254, pp. 43-92])." @default.
- W4235835923 created "2022-05-12" @default.
- W4235835923 date "2021-02-08" @default.
- W4235835923 modified "2023-10-16" @default.
- W4235835923 title "17 Solow models with power-law memory" @default.
- W4235835923 doi "https://doi.org/10.1515/9783110627459-017" @default.
- W4235835923 hasPublicationYear "2021" @default.
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