Learn More
The authors consider a demo-economic model where the economy consists of two sectors ("hunting and farming" and "industry"), and both sectors depend directly or indirectly on the explanation of a renewable resource. The primary sector harvests a renewable resource (fish, corn, or wood) which is used as the input into industrial production, the secondary(More)
This paper investigates the dynamics of corruption at the top (i.e., by politicians). For this purpose a dynamic, politico-economic framework is developed and analyzed. A particular feature of this investigation is an analytical characterization of the dynamic properties of the system. This allows one to interpret these properties in terms of economic and(More)
The paper studies a credit market model with endogenous credit cost and debt constraints in which multiple candidates for steady state equilibria arise. We use dynamic programming (DP) with flexible grid size to locate thresholds that separate different domains of attraction. More specifically, we employ DP to (1) compute present value borrowing constraints(More)
This paper considers a capital accumulation model with the specific feature that adjustment costs depend on investment relative to the size of the capital stock. This framework has, beyond its plausible yet neglected setting, a number of interesting consequences. In particular, the possibility of multiple equilibria, of an unstable steady state and thus of(More)
This study focuses on the dynamic, endogenous, nonlinear interactions between the economy, population growth and the environment. Literature on endogenous growth theory was reviewed and the 3-sector demoeconomic model was provided as the analytical framework for the study of sustainable development through the integration of population growth, resource use(More)
China is a rising global power with a growing role and impact on the world's energy markets as well as on the Earth's climate system. China pursues its development in an essentially non-confrontational manner, a vision encapsulated by the notion of peaceful rise which is viewed positively in the world's major capitals. Nevertheless, China's rapid growth(More)