A glance at Solow’s growth theory

Schilirò, Daniele (2017): A glance at Solow’s growth theory. Published in: Journal of Mathematical Economics and Finance , Vol. 3, No. 2(5) (December 2017): pp. 83-103.

Abstract

This paper examines the growth theory of Robert Solow , which has been a point of reference of economic growth since the 1950s. First, the article analyzes the path-breaking model of growth contained in Solow’s article “A Contribution to the Theory of Economic Growth” published in The Quarterly Journal of Economics (1956). Second, it looks at the contribution of Solow to growth accounting and to the new method of studying capital formation in economic growth through the vintage approach. Therefore, the work analyzes the article “Technical Change and the Aggregate Production Function” published in The Review of Economics and Statistics (1957). In the latter publication, Solow, through the aggregate production function, tries to measure growth and provide an explanation of the nature of technical progress. The article also examines Solow’s 1960 essay “Investment and Technical Progress” based on the hypothesis of embodied technological progress and the vintage approach.

• Item Type: MPRA Paper
• Language: English
• Keywords: Aggregate Production Function; Capital Accumulation; Solow’s Models of Growth; Technological Change
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B22 - Macroeconomics; E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E10 - General; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E23 - Production; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O10 - General; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes

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