Non‐linear Dynamics in the Infinite Time Horizon Model |
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Authors: | Kazuo Nishimura & Gerhard Sorger |
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Institution: | Kyoto University,;Queen Mary &Westfield College, University of London |
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Abstract: | Using results from the theory of non‐linear dynamical systems, it has been shown that optimal growth theory can provide new explanations for business cycles and for international differences in growth and development. The present survey concentrates on this aspect of optimal growth theory, that is on the possibility of fluctuations and non‐uniqueness in models of optimal capital accumulation. It is a selective survey on non‐linear dynamics in infinite time horizon models of optimal growth. |
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Keywords: | Optimal growth Ergodic chaos Topological chaos Indeterminacy |
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