Delay Growth Model augmented with Physical and Human Capitals: Revised Version

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A growth model with a special production function augmented with physical capital and human capital is modified and used to explain the birth of cyclical dynamics. Crucial feature of the model is the assumption that there are a gestation delay and a maturation delay in constructing physical capital and human capital, respectively. Dynamics is described by a continuous time system of delay differential equations. Stability switching curves are analytically derived on which stability of the model is lost. Its shape is numerically verified and it is confirmed that the two-delay model can generate a wide variety of dynamics from simple dynamics to complex dynamics.

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