Steady Economic Growth: The Cobb-Douglas Case with “Engineering-School” Human Capital

  • Roger A. McCain
Part of the Advances in Computational Economics book series (AICE, volume 13)


This study is concerned with growth and economic development in a population of boundedly rational learner/investors. The objective is to establish the “constructive sufficiency” of the model to produce behavior like that observed in real economic growth processes, particularly dichotomization. We have seen that dichotomization can be observed, as a long-lasting transient, even in a stationary-state model in which a transient period of economic growth occurs as a result of learning better resource allocation rules. In the next chapter, we will explore parallel simulations of a steady-growth economy. Subsequent chapters will explore some variants.


Human Capital Capital Stock Physical Capital Human Capital Formation Potential Labor 
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Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • Roger A. McCain
    • 1
  1. 1.Drexel UniversityPhiladelphiaUSA

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