Incorporating Fuzzy Logic in Harrod’s Economic Growth Model
dc.contributor.author
dc.date.accessioned
2021-09-28T08:23:23Z
dc.date.available
2021-09-28T08:23:23Z
dc.date.issued
2021-09-08
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dc.description.abstract
This paper suggests the possibility of incorporating the methodology of fuzzy logic theory into Harrod’s economic growth model, a classic model of economic dynamics for studying the growth of a developing economy based on the assumption that an economy with only savings and investment income is in equilibrium when savings are equal to investment. This model was the first precursor to exogenous growth models, which in turn gave rise to endogenous growth models. This article therefore represents a first step towards introducing fuzzy logic into economic growth models. The study concerned considers consumption and savings to depend on income by means of uncertain factors, and investment to depend on the variation of income through the accelerator factor, which we consider uncertain. These conditions are used to determine the equilibrium growth rate of income and investment, as well as the uncertain values for these variables in terms of fuzzy numbers. As a result, the new model is shown to expand the classical model by incorporating uncertainty into its variables
dc.description.sponsorship
This research was funded by the Spanish Ministry of Science, Innovation and Universities and FEDER, grant number RTI2018-095518-B-C21
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application/pdf
dc.language.iso
eng
dc.publisher
MDPI (Multidisciplinary Digital Publishing Institute)
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RTI2018-095518-B-C21
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Reproducció digital del document publicat a: https://doi.org/10.3390/math9182194
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Mathematics, 2021, vol. 9, núm. 18, p. 2194
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Articles publicats (D-EM)
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Attribution 4.0 International
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dc.subject
dc.title
Incorporating Fuzzy Logic in Harrod’s Economic Growth Model
dc.type
info:eu-repo/semantics/article
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info:eu-repo/semantics/openAccess
dc.relation.projectID
info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/RTI2018-095518-B-C21/ES/METODOS DEL ANALISIS COMPOSICIONAL DE DATOS/
dc.type.version
info:eu-repo/semantics/publishedVersion
dc.identifier.doi
dc.contributor.funder
dc.type.peerreviewed
peer-reviewed
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dc.relation.ProjectAcronym
dc.identifier.eissn
2227-7390