A Discrete Monetary Economic Growth Model with the MIU Approach. (2008)

• Record Type: Journal Article
• Authors: Zhang, Wei-Bin
• Other Names: Weihong Huang Academic Editor.
• Is Part Of: Discrete dynamics in nature and society. Volume 2008(2008)
• Publication Date: 2008
• Subjects: System analysis -- Periodicals; Dynamics -- Periodicals; Chaotic behavior in systems -- Periodicals; Differentiable dynamical systems -- Periodicals; 003.05
• DOI: 10.1155/2008/435787
• Languages: English
• ISSNs: 1026-0226

Abstract

Abstract : This paper proposes an alternative approach to economic growth with money. The production side is the same as the Solow model, the Ramsey model, and the Tobin model. But we deal with behavior of consumers differently from the traditional approaches. The model is influenced by the money-in-the-utility (MIU) approach in monetary economics. It provides a mechanism of endogenous saving which the Solow model lacks and avoids the assumption of adding up utility over a period of time upon which the Ramsey approach is based.