Structural instability and alternative development scenarios |
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Authors: | Laurent L Cellarier Richard H Day |
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Institution: | (1) Department of Economics, University of Guelph, Guelph, Ontario, Canada, N1G 2W1;(2) Department of Economics, University of Southern California (USC), Los Angeles, CA 90089-0253, USA |
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Abstract: | Many past societies grew and flourished for several generations, and some for many centuries, prior to experiencing calamities
that lowered wealth and/or productivity below some “critical levels.” In some cases, a collapse occurred; in others, the population
reductions caused by emigration, plague, or warfare not only extended societies’ survival but induced a growth resurgence.
These varied historical development scenarios are captured using a comparative dynamic analysis of structurally unstable variations
of the Solow–Swan growth model. These results would seem to be relevant for understanding possibilities in the contemporary
world. |
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Keywords: | |
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