The last 50 years in growth theory and the next 10

The last 50 years in growth theory and the next 10

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 f...

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Bibliographic Details
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: 01-04-2007
Subjects:
Economic growth
Economic models
Equilibrium models
Growth models
Growth theory
Neoclassical economics
Solow model
Online Access:Get full text
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Summary: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. Reprinted by permission of Oxford University Press
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0266-903X
DOI:10.1093/icb/grm004