THE EFFECTS OF SUBSTITUTION IN THE CLASS MODELS OF ECONOMIC GROWTH WITH DIFFERENT SAVING RATES
The paper suggests some modification of well-known economic growth models by R. Solow and L. Pasinetti in which the population consists of several groups with different saving rates. For them, the existence and local asymptotic stability of balanced growth solutions are proved. In the modified Solow model there has been discovered the effect of partial substitution in savings: the increase in savings in one group can cause a decrease in savings in the other groups. In the model of Pasinetti with the Cobb-Douglas production function saving rate of the capitalists is defined, below which this class ceases to exist.