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The Solow Growth Model, developed by Nobel Prize-winning economist Robert Solow, was the first neoclassical growth model and was built upon the Keynesian Harrod-Domar model. The Solow model is the basis for the modern theory of economic growth. Simplified Representation of the Solow Growth Model.
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth. It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress.
In the 1950s, the story of economic growth was a story about capital. “Most economists thought the key was the accumulation of capital, the slow process of saving, of investing and building,” he says. With half a century’s worth of US statistics at hand, Solow established a simple theory.
26. Feb. 2023 · S. Niggol Seo. Chapter. First Online: 26 February 2023. 168 Accesses. Abstract. The modern economic growth theory was developed by Robert Solow as a theory of capital accumulation in the economy. The Solow model introduced the economic growth model where changes in the economic output are determined by changes in capital, labor, and technology.
- niggol.seo@aya.yale.edu
Robert Merton Solow, GCIH (/ ˈ s oʊ l oʊ /; August 23, 1924 – December 21, 2023) was an American economist and Nobel laureate whose work on the theory of economic growth culminated in the exogenous growth model named after him.
Perspectives on Growth Theory. Journal of Economic Perspectives — Volume 8, Number 1 — Winter 1994 — Pages 45–54. Perspectives on Growth Theory. Robert M. Solow. T. he current wildfire revival of interest in growth theory was touched off by articles from Romer (1986, from his 1983 thesis) and Lucas (1988, from his 1985 Marshall Lectures).
5. Sept. 2023 · Robert Solow and Trevor Swan first introduced the neoclassical growth theory in 1956. The theory states that economic growth is the result of three factors—labor, capital, and technology. While...
