The last 50 years in growth theory and the next 10

• Published in: Oxford review of economic policy Vol. 23; no. 1; pp. 3 - 14
• Main Author: Solow, Robert M.
• Format: Journal Article
• Language: English
• Published: Oxford Oxford University Press 01-04-2007; OXFORD UNIVERSITY PRESS; Oxford Publishing Limited (England)
• Subjects: 1956 anniversary; Anniversaries; B22; E13; Economic growth; Economic growth models; Economic growth rate; Economic growth theories; Economic policy; Economic theory; Endogenous growth theory; Growth models; growth theory; Neoclassical growth model; O41; Production functions; Solow growth model; Steady state economies; Studies; Technological innovation; growth theory; B22; Solow growth model; O41; E13; 1956 anniversary
• ISSN: 0266-903X; 1460-2121
• DOI: 10.1093/oxrep/grm004

This article offers a personal view of the main achievements of (broadly) neoclassical growth theory, along with a few of the important gaps that remain. It discusses briefly the pluses and minuses of two major recent lines of research: endogenous growth theory and the drawing of causal inferences from international cross-sections, and criticizes the widespread contemporary tendency to convert the normative Ramsey model into a positive representative-agent macroeconomic model applying at all frequencies. Finally, it comments on the articles appearing in this symposium.