Economic Oscillations with Endogenous Population, Human Capital and Wealth




economic oscillations, propensity to have children, human capital, endogenous population


This paper demonstrates oscillations in the economic growth model with endogenous population growth and physical and human capital accumulation proposed by Zhang (2014). This study generalizes Zhang’s model by treating all the time-independent parameters as time-dependent parameters. The model is a synthesis of the Solow growth model, Uzawa-Lucas two-sector model, and the Haavelmo population model and the Barro-Becker fertility choice model. The model studies the dynamic interdependence between population change, wealth accumulation, and human capital accumulation. We simulate the model to demonstrate existence of business cycles under different periodic shocks.  

Author Biography

Wei-Bin ZHANG, Prof. PhD Ritsumeikan Asia Pacific University, Japan

Prof. PhDRitsumeikan Asia Pacific University, Japan


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How to Cite

ZHANG, W.-B. (2015). Economic Oscillations with Endogenous Population, Human Capital and Wealth. Annals of Spiru Haret University. Economic Series, 15(2), 9–26.