In standard economic growth theory it is usually assumed that labor force follows exponential growth. That is not a realistic assumption. In this paper we introduce a generalized logistic equation (Richards law) that describes more accurately population growth. Then we analyze the neoclassical...

The Solow growth model assumes that labor force grows exponentially. This is not a realistic assumption because, exponential growth implies that population increases to infinity as time tends to infinity. In this paper we propose replacing the exponential population growth with a simple and more...