Title: Economic Growth by Means of Interspecific Functional Response of Capital-Labour in Dynamical System
Author(s): Oyoon Abdul Razzaq, Najeeb Alam Khan, Noor Ul Ain, Muhammad Ayaz
Pages: 630-651
Cite as:
Oyoon Abdul Razzaq, Najeeb Alam Khan, Noor Ul Ain, Muhammad Ayaz, Economic Growth by Means of Interspecific Functional Response of Capital-Labour in Dynamical System, Int. J. Anal. Appl., 17 (4) (2019), 630-651.


Physical capital and labour force are two major factors of any economy, which play a key role in its growth. The association of these two components with each other is also a matter of study, which is carried out in this endeavour by means of an ecological system with Holling-type II function. The governing model is an avantgrade approach for economic theory as its equilibrium states and the stability analysis so obtained, referrer to different economic states with detail information about the capital-labour interaction. This novel assessment also contributes a significant way to scrutinize the capability of labours on consuming time on the capital and the efficiency of capital on processing output. Moreover, different patterns and cyclic behaviour of the Cobb-Douglas and constant-elasticity production functions, for different steady and oscillating states of the system are also provided comparatively. In addition, a numerical example is also discussed graphically with economic significance. These measurements will consequently keep the production cycle moving and so sustain the economic growth.

Full Text: PDF



  1. D. Cai, H.Ye and L. Gu, A generalized Solow-Swan model, Abstr. Appl. Anal. 2014 (2014), Art. ID 395089. Google Scholar

  2. M. Zhou, D. Cai and H. Chen, A Solow-Swan model with technological overflow and catch-up, Wuhan Univ. J. Nat. Sci. 12(6) (2007), 975-978. Google Scholar

  3. R.M. Solow, A contribution to the theory of economic growth, Quart. J. Econ. 70 (1956), 65-94. Google Scholar

  4. E. Pelinescu, The impact of human capital on economic growth, Proc. Econ. Finance. 22 (2015), 184- 190. Google Scholar

  5. L. Gallaway and V. Shukla, The neoclassical production function, Amer. Econ. Rev. 64(3) (1974), 348- 358. Google Scholar

  6. A. Hochstein, The Harrod-Domar model in a Keynesian framework, Int. Adv. Econ. Res. 23 (2017), 349-350. Google Scholar

  7. A.N. Link and M.V. Hasselt, A public sector knowledge production function, Econ. Lett. 175 (2019), 64-66. Google Scholar

  8. M.D.P.P. Romero, A.S. Braza and A. Exposito, Industry level production functions and energy use in 12 EU countries, J. Clean. Prod. 212(1) (2019), 880-892. Google Scholar

  9. M.D.P.P. Romero and A.S. Braza, Productive energy use and economic growth: energy, physical and human capital relationships, Energy Econ. 49 (2015), 420-429. Google Scholar

  10. A.J. Lotka, Elements of physical biology, first ed., Williams and Wilkins, Baltimore, 1925. Google Scholar

  11. V. Volterra, Variazioni efluttuazioni del numero di individui in specie animali conviventi, Mem. Reale Accad. Naz. Lince. 2 (1926), 31-113. Google Scholar

  12. L. Nie, Z. Teng, L. Hu and J. Peng, The dynamics of a Lotka–Volterra predator–prey model with state dependent impulsive harvest for predator, Biosyst. 98 (2009), 67-72. Google Scholar

  13. B. Chakraborty and N. Bairagi, Complexity in a prey-predator model with prey refuge and diffusion, Ecol. Complexity. 37 (2019), 11-23. Google Scholar

  14. B. Sahoo and S. Poria, Dynamics of predator-prey system with fading memory, Appl. Math. Comput. 347(15) (2019), 319-333. Google Scholar

  15. A. Bouskila, Games played by predators and prey, Encyclopaedia Ani. Behav. (2019), 382-388. Google Scholar

  16. S.L. Tilahun, Prey predator hyperheuristic, Appl. Soft Comput. 59 (2017), 104-114. Google Scholar

  17. V. Castellanos and R.E.C. Lopez, Existence of limit cycles in a three level trophic chain with LotkaVolterra and Holling type II functional responses, Chaos Solitons Fractals. 95 (2017), 157-167. Google Scholar

  18. M. Liu, C. Du and M. Deng, Persistence and extinction of a modified Leslie-Gower Holling-type II stochastic predator-prey model with impulsive toxicant input in polluted environments, Nonlinear Anal. Hybrid Syst. 27 (2018), 177-190. Google Scholar

  19. Z. Xiao, X. Xie and Y. Xue, Stability and bifurcation in a Holling-type II predator-prey model with Allee effect and time delay, Adv. Difference Equ. 2018 (2018), Art. ID 288. Google Scholar

  20. J. Carkovs, J. Goldsteine and K. Sadurskis, The Holling-type II population model subjected to rapid random attacks of predator, J. Appl. Math. 2018 (2018), Art. ID 6146027. Google Scholar

  21. G.E. Vilcu, A geometric perspective on the generalized Cobb-Douglas production functions, Appl. Math. Lett. 24 (2011), 777-783. Google Scholar

  22. X. Wang and Y. Fu, Some characterizations of the Cobb-Douglas and CES production functions in microeconomics, Abstr. Appl. Anal. (2013), Art. ID 761832. Google Scholar

  23. K.J. Arrow, H.B. Chenery, B.S. Minhas and R.M. Solow, Capital-labour substitution and economic efficiency, Rev. Econ. Statist. 43(3) (1961), 225-250. Google Scholar

  24. K. Sato, A two-level constant-elasticity of substitution production function, Rev. Econ. Stud. 34(2) (1967), 201-218. Google Scholar


Copyright © 2020 IJAA, unless otherwise stated.