Traditional Culture Encyclopedia - Traditional festivals - solow growth model
solow growth model
harrod (1939, 1948) and domar (1947) set off the first climax of growth theory research in the 20th century, and they are the representative figures of the New Keynesian growth theory. the harrod-domar model emphasizes the central role of capital accumulation in economic growth, but due to the assumption of constant ratios of capital and output as well as the nonexistence of input factor substitution relationship, which leads to the conclusion that there is no equilibrium growth path for economic growth.
Solow (1956) and Swan (1956) are representatives of neoclassical growth theory. the basic features of the solow-swan model are the neoclassical form of the production function: constant returns to scale; diminishing returns to scale for individual input factors; and positive, smooth substitution relationships between input factors. The combination of such a production function with an exogenous, constant rate of savings and rate of technical progress leads to a very simple general equilibrium model.
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