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Stability of the Steady-State Equilibrium in the Uzawa-Lucas Model: A Simple Proof
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 117 (1997), Iss. 2 : pp. 197–207
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Arnold, Lutz
Abstract
The Uzawa-Lucas model studies human-capital accumulation as an engine of growth. While the focus is mostly on the steady state, available stability proofs are difficult. The present paper offers a simple proof of the global stability of the steady state.