Neoclassical growth model

URI: https://gptkb.org/entity/Neoclassical_growth_model
GPTKB entity
Statements (38)
Predicate Object
gptkbp:instanceOf gptkb:economic_policy
gptkbp:alsoKnownAs gptkb:Solow–Swan_model
gptkbp:assumes perfect competition
constant returns to scale
closed economy
diminishing returns to capital
exogenous technological progress
no government intervention
gptkbp:basisFor modern growth theory
gptkbp:criticizedFor exogenous treatment of technology
gptkbp:developedBy gptkb:Robert_Solow
gptkb:Trevor_Swan
gptkbp:explains determinants of economic growth
gptkbp:field macroeconomics
gptkbp:focusesOn long-run economic growth
gptkbp:form Y = F(K, L, A)
gptkbp:function gptkb:Cobb–Douglas_production_function
gptkbp:hasConcept technological progress
capital accumulation
labor growth
https://www.w3.org/2000/01/rdf-schema#label Neoclassical growth model
gptkbp:influenced endogenous growth theory
gptkbp:influencedBy classical economics
gptkbp:introducedIn 1956
gptkbp:predicts steady-state growth
conditional convergence
gptkbp:publishedIn gptkb:The_Quarterly_Journal_of_Economics
gptkbp:relatedTo gptkb:Ramsey–Cass–Koopmans_model
gptkb:Harrod–Domar_model
gptkbp:usedFor policy analysis
growth accounting
gptkbp:variant capital (K)
labor (L)
output (Y)
technology (A)
gptkbp:bfsParent gptkb:Swan_model
gptkb:Cobb–Douglas_production_function
gptkbp:bfsLayer 7