Robinson harvard the emergence of modern economic

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Unformatted text preview: nson (Harvard) The Emergence of Modern Economic Growth: A Comparative and28, 2009 Analysis: L September Historical 2 / 25 The Malthusian Model The simplest (non-optimizing) version of the model deaths are a decreasing function of income, D (y ) with D 0 < 0 while births, B , are ˙ independent of income. Population dynamics are as follows N > 0 if ˙ < 0 if B < D (y ). Finally income per-capita is B > D (y ) and N decreasing in N (according to diminishing marginal product of labor) so there is a function y = Af (N ) with y 0 < 0. ˙ There is a unique attracting steady-state with N = 0 where income per-capita y is de…ned by B = D (y ) and steady-state population N = f 1 ( y ). A James A. Robinson (Harvard) The Emergence of Modern Economic Growth: A Comparative and28, 2009 Analysis: L September Historical 3 / 25 The Malthusian Model D(y),B(y) B(y) D(y) y* y y=Af(N) N* N Comparative Statics Income per-capita always returns to the point where the birth rate is equal to the d...
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This document was uploaded on 02/28/2014 for the course ECON 2328 at Harvard.

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