A Modified Version of Solows Economic Growth Model with Successive Using Composite S-Curves for Technological Progress Implementation

Abstract

This article generalzes the fundamental model of the theory of economic growth: the Solow-Swan model by introducing an S-curve production function into a discrete model with a Cobb-Douglas production function. In the present work, we obtained the results concerning a new model of technological progress implementation with the consistent use of S-curves (composite S-curves).