Globalization, polarization and cultural drift

Article Abstract:

A study on one-dimensional version of Axelrod's model of cultural transmission is presented. The equilibrium configurations, which are not stable, are classified and are analyzed. Cultural drift is modeled by perturbations (noise) acting at a finite rate. If the noise rate is too small, the system reaches a monocultural state. However, if the noise is above a size-dependent critical value, noise sustains a polarized dynamic state.

Economic development models

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Multiple equilibrium, fiscal policy, and human capital accumulation

Article Abstract:

A study shows that in a three-sector model of endogenous growth with physical and human capital accumulation, taxation policy can generate indeterminacy under plausible parameterizations. Accumulation of human capital is considered as a non-market activity in which individuals combine their non-working time with intermediate goods that are provided by the market.

Public Finance Activities, Fiscal Policy, Human capital

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On the stability of the two-sector neoclassical growth model with externalities

Article Abstract:

Conditions which cause local indeterminacy of equilibrium in a two-sector neoclassical economic growth model with externalities are analyzed.

United Kingdom, Models, Economic aspects, Externalities (Economics), Neoclassical economics, Austrian school of economics

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