Munich Personal RePEc Archive

An Evolutionary Model of Economic Growth

Polterovich, Victor and Henkin, Gennadi (1990): An Evolutionary Model of Economic Growth. Published in: Matekon , Vol. 26, No. 3 (1990): pp. 44-64.

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Abstract

We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually stabilizes; this curve moves with almost constant speed; neither the shape nor the speed asymptotically depend on initial conditions. A growth model is suggested, and it is proved that, in the process of economic growth, the evolution of distribution of capacity by efficiency levels approximately follows the generalized evolutionary equation. Modifications of the growth model are discussed.

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