<abstract xmlns="http://www.w3.org/1999/xhtml"><p>In this work, we apply fractional calculus to analyze a class of economic growth modelling (EGM) of the Spanish economy. More precisely, the Grünwald-Letnnikov and Caputo derivatives are used to simulate GDP by replacing the previous integer order derivatives with the help of Matlab, SPSS and R software. As a result, we find that the data raised from the Caputo derivative are better than the data raised from the Grünwald-Letnnikov derivative. We improve the previous result in [12].</p></abstract>

In this work, we apply fractional calculus to analyze a class of economic growth modelling (EGM) of the Spanish economy. More precisely, the Grünwald-Letnnikov and Caputo derivatives are used to simulate GDP by replacing the previous integer order derivatives with the help of Matlab, SPSS and R software. As a result, we find that the data raised from the Caputo derivative are better than the data raised from the Grünwald-Letnnikov derivative. We improve the previous result in [12].

Applying Fractional Calculus to Analyze Economic Growth Modelling

Department of Mathematical Analysis and Numerical Mathematics, Faculty of Mathematics, Physics and Informatics

Mathematical Institute of Slovak Academy of Sciences

Journal of Applied Mathematics, Statistics and Informatics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Applying Fractional Calculus to Analyze Economic Growth Modelling"}

In this work, we apply fractional calculus to analyze a class of economic growth modelling (EGM) of the Spanish economy. More precisely, the Grünwald-Letnnikov...

Applying Fractional Calculus to Analyze Economic Growth Modelling

Published Online: Jun 19, 2018

Page range: 25 - 36

Received: Jun 01, 2017

DOI: https://doi.org/10.2478/jamsi-2018-0003

Keywords
Grünwald-Letnnikov derivative, Caputo derivative, Economic growth modelling, Genetic algorithm, Method of least squares

© 2018 Faculty of Natural Sciences, University of Saint Cyril and Metodius, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Applying Fractional Calculus to Analyze Economic Growth Modelling

Published Online: Jun 19, 2018

Page range: 25 - 36

Received: Jun 01, 2017

DOI: https://doi.org/10.2478/jamsi-2018-0003

KeywordsGrünwald-Letnnikov derivative, Caputo derivative, Economic growth modelling, Genetic algorithm, Method of least squares

© 2018 Faculty of Natural Sciences, University of Saint Cyril and Metodius, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Grünwald-Letnnikov derivative, Caputo derivative, Economic growth modelling, Genetic algorithm, Method of least squares