Neoclassical Growth Model

URI: https://gptkb.org/entity/Neoclassical_Growth_Model

GPTKB entity

Statements (48)

Predicate	Object
gptkbp:instanceOf	Economic model
gptkbp:alsoKnownAs	gptkb:Solow-Swan_Growth_Model
gptkbp:assumes	Closed economy Constant returns to scale Diminishing returns to capital Exogenous population growth Exogenous technological progress Labor force grows at a constant rate No government intervention Perfect competition Savings rate is exogenous Technology grows at a constant rate
gptkbp:basisFor	gptkb:Ramsey-Cass-Koopmans_model Diamond growth model Endogenous growth models Modern macroeconomic growth analysis
gptkbp:criticizedFor	Assuming exogenous technological progress Ignoring human capital Simplistic assumptions
gptkbp:dependsOn	gptkb:city gptkb:technology Labor
gptkbp:developedBy	gptkb:Robert_Solow gptkb:Trevor_Swan
gptkbp:explains	Determinants of economic growth
gptkbp:focusesOn	Long-run economic growth
https://www.w3.org/2000/01/rdf-schema#label	Neoclassical Growth Model
gptkbp:influenced	gptkb:Endogenous_growth_theory
gptkbp:influencedBy	gptkb:Keynesian_economics Classical economics
gptkbp:introducedIn	1956
gptkbp:mathematicallyFormulatedBy	gptkb:Robert_Solow gptkb:Trevor_Swan
gptkbp:predicts	Convergence of income levels Steady-state growth
gptkbp:publishedIn	gptkb:The_Quarterly_Journal_of_Economics gptkb:The_Economic_Record
gptkbp:relatedTo	gptkb:Harrod-Domar_model
gptkbp:usedIn	gptkb:Development_economics gptkb:Macroeconomics Growth accounting
gptkbp:uses	gptkb:Cobb-Douglas_production_function Aggregate production function
gptkbp:variant	gptkb:technology Labor Capital accumulation
gptkbp:bfsParent	gptkb:Exogenous_Technological_Change
gptkbp:bfsLayer	6