Introducing Dynamic Analysis Using Malthus's Principle of Population

Abstract

Dynamic models are increasingly used in economics, especially in macroeconomics. However, the skills required for constructing and analyzing dynamic models are advanced relative to those required for static models. Consequently, dynamic models are difficult to introduce into courses where the technical skills of students are modest or substantially varied. The author illustrates that, because it is inherently dynamic, Malthus's Principle of Population provides a natural context for introducing dynamic analysis. Moreover, the context is useful for reviewing many mathematical tools and theoretical constructs often used in economics.

Key Words:

• differential equations
• dynamics
• Malthus
• modeling
• population
• teaching

Additional information

Notes on contributors

Mark Pingle

Mark Pingle is a professor of economics at the University of Nevada, Reno (e-mail: [email protected]). The author thanks his students, especially Brian Rexwinkle, for comments on earlier drafts and two referees for helpful comments.