  The article discusses a generalization of model of economic growth with
constant pace, which takes into account the effects of dynamic memory. Memory
means that endogenous or exogenous variable at a given time depends not only on
their value at that time, but also on their values at previous times. To
describe the dynamic memory we use derivatives of non-integer orders. We obtain
the solutions of fractional differential equations with derivatives of
non-integral order, which describe the dynamics of the output caused by the
changes of the net investments and effects of power-law fading memory.
