In standard economic growth theory it is assumed that labor force follows exponential growth, a not realistic assumption. As described in [4] the growth of natural populations is more accurately depicted by a logistic growth law. In this paper we analyze how the Ramsey growth model is affected...

One of the key elements in any standard economic growth theory is that population growth exponentially at a constant rate n gt; 0. This simple model can provide an adequate approximation to such growth only for the initial period because, growing exponentially, population approaches infinity...