Question
Ok, so Romer (and others) use the following differential equation for labor growth:
dL/dt = kL
Does anybody know why we don't use the logistic equation?
dL/dt = kL(1-aL) so that we get an equilbrium population? Is this just a simplification?
dL/dt = kL
Does anybody know why we don't use the logistic equation?
dL/dt = kL(1-aL) so that we get an equilbrium population? Is this just a simplification?
posted by Andy at 1:36 PM
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