Modern Approaches to Modeling of the Economic Growth

Abstract

This article is devoted to the analysis of conditions for modern continuous economic growth models where the stochastic processes for consideration of uncertainty and risk influence are used. We show simple optimization economic growth model and the approach to the analysis of economic growth based on the agent behavior modeling. Taking into account problems and difficulties in the formal analysis of such models, we offer the discrete approximation in the form of recurrences for equations, which include stochastic variables, as well as construction of economic growth trajectories when using simulation. The experimental results of calculations for economy of Denmark are shown.

Keywords:

continuous economic growth models, stochastic processes, agent behavior modeling