Growth Dynamics and Returns to Scale: Bifurcation Analysis

  title={Growth Dynamics and Returns to Scale: Bifurcation Analysis},
  author={Gaetano Antinolfi and Todd Keister and Karl Shell},
  journal={J. Economic Theory},
We investigate the dependence of the dynamic behavior of an endogenous growth model on the degree of returns to scale. We focus on a simple (but representative) growth model with publicly funded inventive activity. We show that constant returns to reproducible factors (the leading case in the endogenous growth literature) is a bifurcation point, and that it has the characteristics of a transcritical bifurcation. The bifurcation involves the boundary of the state space, making it doi:10.1006… CONTINUE READING
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