In search of a new economic model determined by logistic growth
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Abstract: In this paper we extend the work by Ryuzo Sato devoted to the development of economic growth models within the framework of the Lie group theory. We propose a new growth model based on the assumption of logistic growth in factors. It is employed to derive new production functions and introduce a new notion of wage share. In the process it is shown that the new functions compare reasonably well against relevant economic data. The corresponding problem of maximization of profit under conditions of perfect competition is solved with the aid of one of these functions. In addition, it is explained in reasonably rigorous mathematical terms why Bowley's law no longer holds true in post-1960 data.
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