Hopf Bifurcations in a Mathematical Model for Economic Growth, Corruption, and Unemployment: Computation of Economic Limit Cycles
Ogochukwu Ifeacho, Gilberto González-Parra
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Source: Crossref
Published: Feb 27, 2025
DOI: 10.3390/axioms14030173
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In this paper, we investigate the existence of Hopf bifurcations in a mathematical model that includes economic growth, corruption, and unemployment. The model links these social and economic factors to provide insights into the dynamics of the economy. The motivation for investigating the appearance of Hopf bifurcations is that economic cycles often occur in economics and play an important role. The mathematical model was presented before, but the important topic of the appearance of limit cycles was not investigated. The authors studied some of the effects of corruption on economic growth and unemployment. However, in our work, we focus on the existence of limit cycles. We used different bifurcation parameters to find the conditions for the appearance of Hopf bifurcations. We perform a variety of numerical simulations in which the system presents several Hopf bifurcations. The numerical simulations provide additional support for the theoretical results related to stability and Hopf bifurcations. Finally, we present a discussion and future directions for research.
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