Applied Math Seminar I Roman Smirnov, In search of a new economic model determined by logistic growth

MC 6460

Speaker

Roman Smirnov | Department of Mathematics and Statistics, Dalhousie University                                                       

Title

In search of a new economic model determined by logistic growth

Abstract

We propose a new growth model based on the assumption of logistic growth in factors.  The model is an extension of the work by  Sato devoted to the development of economic growth models within the framework of the Lie group theory.  It is employed to derive new production functions and introduce a new notion of wage share. 

We will discuss one of these production functions in relation to the "S-shaped" production function that has been recently introduced within a similar context and extensively studied in works by  Anita, Capasso, Engbers, Kunze, La Torre and others. 

We will also show that the new functions compare reasonably well against relevant economic data.  In addition,  we will explain in reasonably rigorous mathematical terms why Bowley’s law no longer holds true in post-1960 data. 

Joint work with Kunpeng Wang