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1-118-SolowEconomicGrowth-ModelingScenario

Author(s): Yuri Yatsenko

Houston Baptist University, Houston TX USA

Keywords: optimization economics steady state growth Solow-Swan model capital production labor Golden Rule of Economic Growth

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Abstract

Resource Image Students construct and analyze the celebrated Solow-Swan model of economic growth theory. The project is divided into three sequential parts to teach students to understand, develop, and analyze a simple nonlinear model of economic dynamics.

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Article Context

Resource Type
Differential Equation Type
Technique
Qualitative Analysis
Application Area
Course
Course Level
Lesson Length
Technology
Approach
Skills
Key Scientific Process Skills
Assessment Type
Pedagogical Approaches
Vision and Change Core Competencies - Ability
Principles of How People Learn

Description

The project includes elements of static optimization.

Part one is devoted to developing a differential equations model of an economic system following its conceptual description.

Part two focuses on simple qualitative analysis of the constructed model and interpreting the obtained analytic outcomes.

Part three asks students to determine the optimal value of a key model parameter using the standard calculus first-derivative test.

Article Files

Authors

Author(s): Yuri Yatsenko

Houston Baptist University, Houston TX USA

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