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k ,
k=0
k(k)
k
k=k
k(k)
(k k)
= 0+
k(k )
k
g + )
= sf 0(k) (n + g + ) = sk1 (n +
Since at k s
(n + g + )
(n+g+)k
,
k
3
then
k(k)
k
(n+g+)
= k1 k1
k(k)
k
so
= ( 1)(n + g + ) subbing into the
original equation we get:
where = (1 )(n + g + )
in the vicinity of the balanced growth path, the growth
rate of (k(t) k) is approximately constant and
equal to .
to see this note that the growth rate of (k(t) k)
k(t)
y(t) =
we get
0
f (k(t))k(t)
y(0) y
k(0) k
t = ln(0.5)
ln(0.5)
t =
' 17.33
0.04
et
kRich 1/3
kP oor
= 10 kkRich =
P oor
This dierence in capital stocks would imply a huge difference in returns of capital:
rRich
rP oor
kRich 2/3
kP oor
1 , that is r
10002/3 = 100
P oor = 100 rRich.
10