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Extensions to Neoclassical Growth Theory
2015In this chapter, we extend the basic neoclassical growth model in several ways. In the previous chapter, we learned that human capital is an important source of economic growth. Here, we introduce a simple theory of human capital formation based on parents desire to invest in the “quality” or economic productivity of their children.
Sibabrata Das +2 more
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Toward a general neoclassical theory of economic growth
The Philippine Review of Economics, 2023The Harrod-Domar (H-D) growth model assumes a fixed capital-output ratio, signifying absence of substitutability between capital and labor, leading to a “knife-edge” problem wherein balanced growth of capital (fixed warranted rate) and labor (fixed natural rate) occurs only by accident, preventing the attainment of macroeconomic stability with full ...
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2010
This chapter provides a detailed description of the current neoclassical growth theories. Beginning with a short introduction on exponential growth patterns, the following sections present three different model types: Exogenous, Endogenous and Semi-endogenous growth. The individual sub-chapters conclude with an analysis of demographic components within
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This chapter provides a detailed description of the current neoclassical growth theories. Beginning with a short introduction on exponential growth patterns, the following sections present three different model types: Exogenous, Endogenous and Semi-endogenous growth. The individual sub-chapters conclude with an analysis of demographic components within
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2001
In Chapters 1 and 2 we considered the role of the money demand function in comparative static models. These models were the dominant macroeconomic paradigm up until thirty years ago. Recently, however, neoclassical growth theory and related dynamical approaches have widely spread into both macroeconomics and monetary economics and are now routinely ...
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In Chapters 1 and 2 we considered the role of the money demand function in comparative static models. These models were the dominant macroeconomic paradigm up until thirty years ago. Recently, however, neoclassical growth theory and related dynamical approaches have widely spread into both macroeconomics and monetary economics and are now routinely ...
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1987
Neoclassical growth theory is not a theory of history. In a sense it is not even a theory of growth. Its aim is to supply an element in an eventual understanding of certain important elements in growth and to provide a way of organizing one’s thoughts on these matters.
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Neoclassical growth theory is not a theory of history. In a sense it is not even a theory of growth. Its aim is to supply an element in an eventual understanding of certain important elements in growth and to provide a way of organizing one’s thoughts on these matters.
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Neoclassical Growth Theory (New Perspectives)
2008This article complements neoclassical growth theory. It discusses some developments of the neoclassical growth theory that endogenize the saving rates.
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Neoclassical production theory and growth with unemployment: The stability issue revisited
Structural Change and Economic Dynamics, 2009Abstract A common belief in economic growth theory is that the instability of the balanced growth path of models based on a non-neoclassical production theory, such as the Harrod–Domar or Goodwin-type models, may be removed by introducing neoclassical technology and substitutability between factors. This does not need to be true.
FANTI, LUCIANO +1 more
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The Elasticity of Substitution and the Savings Ratio in the Neoclassical Theory of Growth
The Quarterly Journal of Economics, 1965I. Introduction, 465. — II. A neoclassical model of growth, 465. — III. The variable natural rate of growth, 466. — IV. Analysis of the variable path, 468. — V. Conclusion, 471.
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Neoclassical Growth Theory and Standard Models
2010Thoughts and theories on economic growth can be traced back to the classical economists of the eighteenth and nineteenth century, whose works are briefly reviewed alongside the transition to neoclassical growth theory in Sect. 2.1. The basic outline of neoclassical growth models as first developed by Solow (1956) and Swan (1956) is presented in Sect. 2.
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A Comparison with Results of Neoclassical Capital and Growth Theory
1979In this chapter we will use the two-sector-model with n period horizon, presented in Section 5.2, to show how some of the results of neoclassical growth theory can be derived with our neo-Austrian approach. First we assume that the amount of labor is no more constant, but grows at a constant rate.
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