Applying Fractional Calculus to Analyze Economic Growth Modelling

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].