|
gptkbp:instanceOf
|
gptkb:economic_policy
|
|
gptkbp:A
|
Technology (exogenous)
|
|
gptkbp:alsoKnownAs
|
gptkb:Neoclassical_Growth_Theory
|
|
gptkbp:assumes
|
Closed economy
Constant population growth rate
Constant savings rate
No government intervention
Perfect competition
|
|
gptkbp:criticizedFor
|
Treating technological progress as exogenous
|
|
gptkbp:developedBy
|
gptkb:Robert_Solow
gptkb:Trevor_Swan
|
|
gptkbp:explains
|
Economic growth is driven by exogenous factors
|
|
gptkbp:focusesOn
|
Long-run economic growth
|
|
gptkbp:form
|
Y = F(K, L, A)
|
|
gptkbp:hasModel
|
gptkb:Solow-Swan_Model
Aggregate production function
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
Exogenous Growth Theory
|
|
gptkbp:influenced
|
gptkb:Endogenous_Growth_Theory
|
|
gptkbp:introducedIn
|
1956
|
|
gptkbp:K
|
gptkb:city
|
|
gptkbp:keyAssumption
|
Constant returns to scale
Diminishing returns to capital
Technological progress is exogenous
|
|
gptkbp:L
|
Labor
|
|
gptkbp:predicts
|
Convergence of income levels
Steady-state growth
|
|
gptkbp:relatedTo
|
gptkb:Endogenous_Growth_Theory
gptkb:Harrod-Domar_Model
gptkb:Ramsey_Model
|
|
gptkbp:usedIn
|
gptkb:Development_economics
gptkb:Macroeconomics
|
|
gptkbp:Y
|
Output
|
|
gptkbp:bfsParent
|
gptkb:Endogenous_Growth_Theory
|
|
gptkbp:bfsLayer
|
6
|