CZECH ECONOMIC REVIEW
CZECH ECONOMIC REVIEW
The Czech Economic Review (CER) presents original, rigorously peer-reviewed research in economics with solid microeconomic grounds. Coverage includes both theoretical and methodological articles (game theory, mathematical methods in economics) as well as empirical articles (political economy, institutional economics, and public economics). CER encourages also short communications (usually limited to 2,000 words) that provide an instrument of rapid and efficient dissemination of new results, models and methods in above mentioned fields of economic research. One of the primary purposes is to serve as a common ground for economists and political scientists who explore political economy from a formal perspective (positive political economy, public choice and social choice, political economics). Another goal is to attract key contributions of gifted European junior economists. Journal is indexed in international bibliographical databases Scopus, EconLit, EBSCO, RePEc, CEEOL, and Google DOAJ.
The Czech Economic Review is published by Charles University in Prague. The journal has been established in year 2007 as a descendant to a traditional Czech-written outlet, Acta Universitatis Carolinae Oeconomica (AUCO). Three issues are published per volume. All articles and communications are available online for free. Printed copies can also be ordered.

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e-mail auco@fsv.cuni.cz

Univerzita Karlova v Praze
Fakulta sociálních věd
Institut ekonomických studií
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110 00 Praha

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CZECH ECONOMIC REVIEW, Vol 2015 No 1 (2016), 49–73

Robust Turnpikes Deduced by the Minimum-Time Needed toward Economic Maturity

Darong Dai

zveřejněno: 19. 10. 2015

Abstract

In the paper, a one-sector neoclassical model with stochastic growth has been constructed. The major goal of the study is to characterize relevant mathematical properties of efficient development paths for underdeveloped economies. Since economic maturity is a reasonable objective, we mainly focus on the long-run features of economic development. Indeed, the notion of economic maturity is well-defined in the model, and also a thorough characterization of the minimum time needed toward economic maturity is offered with intuitive interpretations discussed. Moreover, it is confirmed that the capital-labor ratio corresponding to the state of economic maturity provides us with a robust turnpike of the optimal path of capital accumulation.

klíčová slova: stochastic growth; economic maturity; minimum-time objective; asymptotic turnpike theorem; neighborhood turnpike theorem; robustness

157 x 230 mm
vychází: 3 x ročně
ISSN: 1802-4696
E-ISSN: 1805-9406

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