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Closed-Form Solution for a Two-Sector Endogenous Growth Model with two Controls
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Abstract
In this paper we show a method for solving in closed form a particular family of four-dimension non-linear modified Hamiltonian dynamic systems, with two states and two co-states and two co-states, which arises from a two-sector endogenous growth model where the physical capital stock is combined with a renewable natural capital stock as essential inputs for productionNon-Linear Dynamic System, Analytical Solution, Endogenous Growth, Transitional Dynamics