On Models of Economic Development, Taking into Account Lending

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Abstract

A new approach to the construction of mathematical models of complex socio-economic systems is described. The period of economic growth consisting of intervals equal in duration is considered. It is assumed that per capita consumption at each interval is limited from below. The choice of restrictions, providing growth of welfare of individuals, is supported by the process of taking and repayment loans. In contrast to the classical Ramsey-Solow model, it is proposed to minimize the total income for the period. The neoclassical function of economic growth is approximated at each interval by a linear function. It is shown that the development of the economy strategy, obtained with the help of a new approach, allows reducing damage to the environment.

Original languageEnglish
Title of host publication2019 15th International Asian School-Seminar Optimization Problems of Complex Systems, OPCS 2019
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages4-7
Number of pages4
ISBN (Electronic)9781728129860
DOIs
Publication statusPublished - Aug 2019
Event15th International Asian School-Seminar Optimization Problems of Complex Systems, OPCS 2019 - Novosibirsk, Russian Federation
Duration: 26 Aug 201930 Aug 2019

Publication series

Name2019 15th International Asian School-Seminar Optimization Problems of Complex Systems, OPCS 2019

Conference

Conference15th International Asian School-Seminar Optimization Problems of Complex Systems, OPCS 2019
Country/TerritoryRussian Federation
CityNovosibirsk
Period26.08.201930.08.2019

Keywords

  • consumption
  • economic growth
  • investment
  • lending
  • pollution environmental
  • wealth growth

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