There are (at least) three possibilities:
Construct a polynomial with the properties you want, like points it has to pass, slopes, minimums, maximums etc. Requires a small amount of mathematics. See my other answer.
There is Andrew's answer using the facilities of TikZ.
For a fake curve, choose the points the curve has to pass as the begin or end of \draw commands, not as the controls. Moreover, use relative coordinates (prefixed by +) as controls. These will correspond to the tangent in this point. Make sure that the control-vectors in a point point into opposite directions. They may have different length, but need to have the same angle, otherwise there will be a bend at this point.
Example: k^* is the end point of the first \draw and the starting point of the second one, therefore the curve will pass through k^*. The controls related to k^* are +(-1,2) and +(0.5,-1). Note that they point into opposite directions. The longer a control vector, the longer the curve will try to follow this direction.

\documentclass{minimal}
\usepackage{tikz}
\usetikzlibrary{calc,arrows}
\begin{document}
\begin{tikzpicture}[
scale=1.5,
axis/.style={very thick, ->, >=stealth'},
important line/.style={thick},
dashed line/.style={dashed, thick},
every node/.style={color=black,}
]
\draw[axis] (0,0) -- (6,0) node(xline)[right] {$k$};
\draw[axis] (0,-2) -- (0,2) node(yline)[above] {$\dot{k}$};
\draw (0,0) .. controls +(1.5,3) and +(-1,2) .. (4,0);
\draw (4,0) .. controls +(0.5,-1) and +(-0.8,0.5) .. (6,-2);
\fill[black] (4,0) circle (1pt) node[above right] {$k^*$};
% just for the explanation
\begin{scope}[->,blue,every node/.style={blue,sloped}]
\draw (0,0) -- node[yshift=1.5ex]{$(1.5,3)$} ($(0,0)+(1.5,3)$);
\draw (4,0) -- node[yshift=1.5ex]{$(-1,2)$} ($(4,0)+(-1,2)$);
\draw (4,0) -- node[yshift=-1.5ex]{$(0.5,-1)$} ($(4,0)+(0.5,-1)$);
\draw (6,-2) -- node[yshift=-1.5ex]{$(-0.8,0.5)$} ($(6,-2)+(-0.8,0.5)$);
\end{scope}
\end{tikzpicture}
\end{document}
minimalclass isn't actually intended for ... well, anything really. Usearticleinstead. See https://tex.stackexchange.com/q/42114/86 – Andrew Stacey Feb 06 '21 at 11:11