IMPROVED SOLOW GROWTH MODEL ON TIME SCALE

Abimbola L.A., Ayansola  O.A. and Olajide J.T.

The Polytechnic Ibadan, Ibadan Nigeria. Department of Mathematics/Statistics

Abstract

In this paper, we further analyze the Solow model on time scales. The simple growth model can only provide an adequate approximation for an initial period, some conditions were revised to incorporate numerical upper bound on the growth size. We establish an existence and uniqueness of solution on time scale. Then, under the more realistic assumption that the labour force growth rate is a monotonically decreasing function, we discuss stability and monotonicity of the solutions of the Solow model. The economic meanings are also indicated in concluding part.

AMS Subject classification: 81S25, 34A37, 34D10

Keyword: time scale, Solow Growth Model, monotonicity, \\asymptotic stability, $\Delta$ differentiation