Middle-income traps and complexity in economic development

نویسندگان

چکیده

Abstract In this paper, we develop a simple multi-technology overlapping generations model that exhibits wide variety of economic development patterns. particular, our numerical simulations demonstrate for given set parameter values, various types patterns such as the middle-income trap, poverty periodic or chaotic fluctuations, and high-income paths can coexist, which pattern is realized depends only on initial value capital. For another show that, due to pinball effect, an economy starting at level take off state get caught in trap seemingly random way after undergoing transient motions. Our results explain observed complicated unified manner.

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ژورنال

عنوان ژورنال: Studies in Nonlinear Dynamics and Econometrics

سال: 2022

ISSN: ['1558-3708', '1081-1826']

DOI: https://doi.org/10.1515/snde-2021-0100