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• W45521688 abstract "The traditional neoclassical model of economic growth, first developed by Solow (1956) and Swan (1956), who independently proposed similar one-sector models, provides a theoretical framework for understanding world-wide growth of output and the persistence of geographical differences in per capita output. The key concept of this model, famously known as the Solow-Swan model, is the neoclassical form of production function with declining returns to capital combined with a fixed saving rate. On the basis of these assumptions, an economy, regardless of its starting point, converges to a balanced growth path, where long-run growth of output and capital are determined solely by the rate of labor-augmenting technological progress and the rate of population growth (see, for example, Barro and Sala-i-Martin, 1995). Ferrara and Guerrini (2008) have analyzed the role of a variable population growth rate within the Solow-Swan model by assuming a logistic-type population growth law. Within this set up, the model is proved to have a unique equilibrium, which is globally asymptotically stable. As well, its solution is shown to have a closed-form expression via Hypergeometric functions. As is typical in the neoclassical model, the human population size is assumed to be equal to the labor force. An assumption of that model, however, is that the growth rate of population is constant, yielding an exponential behavior of population size over time. Clearly, this type of time behavior is unrealistic and, more importantly, unsustainable in the very long-run. A more realistic approach would be to consider a logistic law for the population growth rate. Brock and Taylor (2004) have demonstrated that the Solow-Swan model and the environmental Kuznets curve (hereafter EKC) are intimately related (for the EKC, see, for example, Grossman and Krueger, 1995). Amending the Solow-Swan model to incorporate technological progress in abatement, the EKC is a necessary by-product of convergence to a sustainable growth path. The resulting model, which they called the Green-Solow model, generates an EKC relationship between the flow of pollution emissions and income per capita, and the stock of environmental quality and income per capita.The main objective of this paper is to combine within the same framework these two different research lines that have been analyzed separately in the recent past. The two research lines we aim at joining together are, respectively, the one studying the effects of including emissions, abatement and a stock of pollution in the Solow-Swan model (Brock and Taylor, 2004), and that analyzing the role of a variable population growth rate within the Solow-Swan model (Ferrara and Guerrini, 2008). Within this framework, the economy is described by a three dimensional dynamical system, whose solution can be explicitly determined, and proved to be convergent in the long-run. Finally, we prove that sustainable growth occurs if technological progress in abatement is faster than technological progress in production. An EKC may result along the transition to the balanced growth path." @default.
• W45521688 created "2016-06-24" @default.
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• W45521688 date "2009-12-29" @default.
• W45521688 modified "2023-09-23" @default.
• W45521688 title "Green economy, sustainable growth theory and demographic dynamics: a modern theoretical approach" @default.
• W45521688 hasPublicationYear "2009" @default.
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