TY  - JOUR
TT  - A Remark on the Form of Accumulation Functions  in Economic Growth Models
AU  - Yetkiner, İ. Hakan
PY  - 2012
DA  - September
JF  - Ege Academic Review
JO  - eab
PB  - Ege Üniversitesi
WT  - DergiPark
SN  - 1303-099X
SP  - 467
EP  - 474
VL  - 12
IS  - 4
KW  - Birikim fonksiyonu
KW  - karşı-yönde hareket eden kuvvet
KW  - diferansiyel denklemler
KW  - ekonomik büyüme
N2  - This study is a remark designed to underline the importance of using the right form of accumulation functions in economic growth models. After appearance of endogenous growth models in the growth literature, exclusion of a counter-force in the accumulation function, though required by the nature of the variable, is started to be made more frequently. This (mis-)behavior is due to now a common knowledge that a growth model must rely on non-diminishing returns to a factor of production in order to generate endogenous growth. This rule, however, can lead to the following potentially misleading assumption: diminishing marginal productivity to each factor of production-given that there is no other source of long run growth-is sufficient for generating (the true) steady state equilibrium (at levels). In this work, we heuristically argue that an accumulation function with no counter-moving force, though it is required by the nature of the variable, with or without diminishing returns, may bias the results of the model
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CR  - Gaitan, B., Tol, R.S.J ve Yetkiner, İ.H. (2004) “The Hotelling’s Rule Revisited in a Dynamic General Equilibrium Model” Hamburg University Research Unit Sustainability and Global Change Working Papers, No: FNU-44.
CR  - Lucas, R.E.Jr. (1988) “On the Mechanics of Economic Development” Journal of Monetary Economics, 22:3-42.
CR  - Ramsey, F.P. (1928) “A Mathematical Theory of Saving” Economic Journal, 38(152):543-559.
CR  - Solow, R. (1956) “A Contribution to the Theory of Economic Growth” Quarterly Journal of Economics, 70:65-94.
UR  - https://dergipark.org.tr/tr/pub/eab/issue//473780
L1  - https://dergipark.org.tr/tr/download/article-file/559292
ER  -