The field of economic growth strives to analyze and explain the long-run evolution of economies. The aim of this course is to develop models which offer a mathematical description of the growth process and its structural determinants. Starting with the fundamental models by Solow, Kaldor, and Pasinetti, the main focus is on so-called overlapping generations (OLG) models. For this class of models, the theory of deterministic dynamical systems offers a rich set of mathematical tools to analyze the long-run behavior of the economy. In particular, conditions under which the growth path converges, diverges, or exhibits irregular (chaotic) fluctuations can be derived. Building on the insights obtained, a second set of questions deals with how economic policy can foster and stabilize the growth process. In this regard, the impact of governmental debt and intergenerational redistribution schemes such as Social Security on economic growth and welfare are investigated.
