Effects of power law logistic technologies on economic growth

Based on the S-shaped power law logistic technology, we set up an economic growth model in this paper. The solution of the model is given via hypergeometric functions. We show that the dynamics of the model is asymptotically stable. And, it is found that the dynamics of the model is actually controlled by the power law logistic function through an ordinary logistic function, as a power function of the power law logistic. From the statistical point of view, in this paper, three different types of power law index means three different types of skewness, giving three different types of growth and diffusion patterns of technology. Then, we show some comparison results of different types of technology and of different initial levels of capital, and their effects on economic growth. A numerical example is also given in this paper to illustrate the effects. (c) 2010 Elsevier Ltd. All rights reserved.