Making a miracle

Article Abstract:

An analysis of economic development and trade models is presented.The analysis focuses on the impact of technologies in explaining rapid income growth movements. The economic transformation of East Asian economies includingKorea, Taiwan, Hong Kong and Singapore are singled out and compared to the Philippine setting. It is shown that human capital investments and on-the-job training exhibit much influence on rapid economic development.

Research, Employee training, Human capital, Comparative economics

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Nonlinear dynamics and chaos in optimal growth: an example

Article Abstract:

The probability of ergodically chaotic optimal accumulation for the arbitrary discounting of future utilities is presented. A model with two sectors containing the Leontief production functions was utilized. The unimodal and expansive condition was developed for the optimal transition function. It is shown that the parameter values meeting the condition is nonempty in the presence of the weak discounting of future utilities.

Usage, Production functions (Economics), Ergodic theory

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On the dual stability of a von Neumann facet and the inefficacy of temporary fiscal policy

Article Abstract:

A von Neumann facet is shown to exhibit dual Liapounov stability. Based on this stability, a dual turnpike exists which signifies that a long-term allocation of consumption goods is insensitive to a temporary change in the fiscal policy. Any temporary change in the fiscal policy has no effect on any present and future consumption. The inefficacy of fiscal policy is proven in the dynamic general equilibrium framework.

Public Finance Activities, Fiscal Policy, Models, Liapunov functions

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