Chaos and Evolution in Economic Processes

  • Richard H. Day
  • Ester Boserup


The Tinbergen-Solow-Swan growth model set forth nearly four decades ago was motivated by a striking stylized fact: if relatively short-run fluctuations are disregarded, the time series of measured aggregate output for the various industrial countries display a remarkably stable rate of growth. The theory produced exponential trends and, when augmented by a constant rate of technological improvement, exhibited paths of output that fitted the data extremely well.2


Production Function Technological Level Economic Unit Exhaustible Resource Adult Equivalent 
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Copyright information

© Kumaraswamy Velupillai 1992

Authors and Affiliations

  • Richard H. Day
  • Ester Boserup

There are no affiliations available

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