Existence and Stability of Steady State in an Augmented Solow Model with Multiple Capital Goods

作     者：Jian Li Yao Lu 

作者机构：School of EconomicsNanjing UniversityNanjing 210093China 

出 版 物：《Frontiers of Economics in China-Selected Publications from Chinese Universities》 (中国高等学校学术文摘·经济学（英文版）)

年 卷 期：2018年第13卷第4期

页      面：685-702页

学科分类：02[经济学] 

基　　金：National Social Science Foundation of China [14ZDA023,15ZDA060,15BJL093] key research base for humanities and social sciences of Ministry of Education [16JJD790025] young teacher foundation of the School of Business of Nanjing University 

主　　题：multiple capital goods augmented Solow model essentiality of inputs steady state strict concavity 

摘      要：This paper relaxes two assumptions on the traditional augmented Solow model: strict concavity of production functions and dual capital goods. It generalizes traditional conclusions of the Solow model by demonstrating that neoclassical properties of a production function are sufficient for the existence and global stability of the steady state in the augmented Solow model with multiple capital goods. Moreover, we prove necessity of essentiality of inputs for a neoclassical production function and generalize the golden rule of capital accumulation.