Speed of Convergence: Solow Growth Model

We derive one way of measuring the speed of convergence to steady state in the Solow Growth model. This involves using a linear approximation of the equation of motion of capital. We can then solve this differential equation and calculate the half life of the transition from our initial condition to the steady state.
We then briefly discuss the scenarios where we might care more about the speed of convergence, as a slow transition to steady state will mean we need to consider the state of our economy on transition.
PS I really need to invest in a new laptop! Sorry if there is background noise from my laptop in the latter half of the video.
Check out the Solow Growth Model playlist for past videos to get up to speed with the assumptions and key equations.
Robert M. Solow, A Contribution to the Theory of Economic Growth, The Quarterly Journal of Economics, Volume 70, Issue 1, February 1956, Pages 65-94
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[@ronakmaheshwari9667]

Really helpful. Couldn't grasp it from the book directly. Your video provided a really good foundation.

[@ashwing8740]

Subscribed! Great video man

[@IwannaTheodwridou-g4x]

why do we set κ* = 0 in the homogeneous solution of the differential equation? part 6:42

[@satoshisuzuki5894]

Thank you! Great Video

[@EverythingEcon]

Thanks!

[@marcoca4400]

One question, the speed of convergence is higher when considering technological progress than without considering it, right?

[@sergeizhumagazynov9767]

This formula of t doesn't use the GDP per capita of country that is catching up and the country that is being caught up. It always shows the same speed.