Robust Turnpikes Deduced by the MinimumTime Needed toward Economic Maturity
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Title:  Robust Turnpikes Deduced by the MinimumTime Needed toward Economic Maturity 

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Journal or Publication Title:  Czech Economic Review, 9, 1, pp. 4974 

Uncontrolled Keywords:  Stochastic growth, economic maturity, minimumtime objective, asymptotic turnpike theorem, neighborhood turnpike theorem, robustness 

AbstractIn the paper, a onesector neoclassical model with stochastic growth has been constructed. The major goal of the study is to characterize relevant mathematical properties of efficient development paths for underdeveloped economies. Since economic maturity is a reasonable objective, we mainly focus on the longrun features of economic development. Indeed, the notion of economic maturity is welldefined in the model, and also a thorough characterization of the minimum time needed toward economic maturity is offered with intuitive interpretations discussed. Moreover, it is confirmed that the capitallabor ratio corresponding to the state of economic maturity provides us with a robust turnpike of the optimal path of capital accumulation.
