Presented by : Roman Smirnov
Title: Towards a new paradigm for mathematical modelling of economic growth
Abstract: We will discuss an extension of the work by Ryuzo Sato (NYU Stern Department of Economics) devoted to the development of economic growth models within the framework of the Lie group theory and propose a new growth model based on the assumption of logistic growth in factors. It is employed to derive and introduce respectively new production functions and a new notion of wage share. We will use statistical tools (in particular, R Programming) to show that these new functions compare reasonably well against relevant economic data. As for the new notion of wage share, we will explain in mathematical terms why Bowleys law in economics no longer holds true in post-1960 data and how it could be reformulated.
Colloquium Room #119 Chase Building