Journal article
Modelling the growth process as a virtuous cycle
Journal of Quantitative Economics, Vol.11(1&2), pp.323-328
2013
Abstract
The standard neo-classical model of economic growth entails a rate of income growth proportional to the income gapyet,in the most dramatic periods of economic transformation, a process of cumulative circular causation could be expected to lead to accelerating growth. Modelling the rate of change of income growth, instead of income growth itself, as proportional to the income gap gives testable predictions concerning the inverse cosine of the income gap. Estimates of real GDP per capita for six Western European nations,for which GDP data are available over the period 1830 to 1913, conform to these predictions.
Details
- Title
- Modelling the growth process as a virtuous cycle
- Authors
- William R J Alexander (Author) - University of the Sunshine Coast - Faculty of Arts and Business
- Publication details
- Journal of Quantitative Economics, Vol.11(1&2), pp.323-328
- Publisher
- Indian Econometric Society
- Date published
- 2013
- ISSN
- 0971-1554
- Copyright note
- Copyright © 2013 The Indian Econometric Society. All rights reserved. No part of the contents of this journal may be reproduced in any form without the written consent of the managing editor.
- Organisation Unit
- School of Business and Creative Industries; Indigenous and Transcultural Research Centre; University of the Sunshine Coast, Queensland; USC Business School - Legacy
- Language
- English
- Record Identifier
- 99448839302621
- Output Type
- Journal article
Metrics
41 File views/ downloads
583 Record Views