ManuScript Details
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Paper Id:
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IJARW2365
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Title:
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APPLICATION OF DIFFERENTIAL EQUATIONS IN SOME ECONOMIC MODELS
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| Published in: |
International Journal Of All Research Writings |
| Publisher: |
IJARW |
| ISSN: |
2582-1008 |
| Volume / Issue: |
Volume 6 Issue 6 |
| Pages: |
6
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| Published On: |
12/30/2024 10:06:35 PM (MM/dd/yyyy) |
Main Author Details
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Name:
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Pham Thi Linh |
| Institute: |
Thai Nguyen University of Economics and Business Administration |
Co - Author Details
| Author Name |
Author Institute |
| Pham Thi Linh |
Thai Nguyen University of Economics and Business Administration |
| Tran Thi Mai |
Thai Nguyen University of Economics and Business Administration |
Abstract
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Research Area:
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Economics |
| KeyWord: |
Differential equations, consumption model, economic growth, Python programming, economic model |
| Abstract: |
This paper presents the application of differential equations in constructing and analyzing classical economic growth models. Specifically, we focus on two renowned models: Solow-Swan and Ramsey-Cass-Koopmans.
The Solow-Swan model describes economic growth through the mechanism of capital accumulation and demonstrates the convergence of economies toward a long-run steady state. The Ramsey-Cass-Koopmans model, grounded in the optimization of household consumption, provides a more detailed theoretical framework for the dynamic adjustment of capital and consumption over time.
To illustrate and further analyze these models, we have employed the Python programming language in conjunction with the SciPy library to solve the characteristic differential equations of both models. Simulation results are visualized to facilitate the reader's understanding and comparison of various growth scenarios.
The application of these modern computational tools not only enhances the accuracy of our analysis but also opens up new avenues for economic research and policymaking.
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Citations
Copy and paste a formatted citation or use one of the links to import into a bibliography manager and reference.
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IEEE
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Pham Thi Linh, Pham Thi Linh, Tran Thi Mai, "APPLICATION OF DIFFERENTIAL EQUATIONS IN SOME ECONOMIC MODELS", International Journal Of All Research Writings,
vol. 6, no. 6, pp. 436-441, 2024.
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MLA
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Pham Thi Linh, Pham Thi Linh, Tran Thi Mai "APPLICATION OF DIFFERENTIAL EQUATIONS IN SOME ECONOMIC MODELS." International Journal Of All Research Writings,
vol 6, no. 6, 2024, pp. 436-441.
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APA
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Pham Thi Linh, Pham Thi Linh, Tran Thi Mai (2024). APPLICATION OF DIFFERENTIAL EQUATIONS IN SOME ECONOMIC MODELS. International Journal Of All Research Writings,
6(6), 436-441.
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APPLICATION OF DIFFERENTIAL EQUATIONS IN SOME ECONOMIC MODELS
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Last downloaded on 31/12/2024
