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Robert Solow’s Modern Economic Growth

In: The Economics of Optimal Growth Pathways

Author

Listed:
  • S. Niggol Seo

    (Muaebak Institute of Global Warming Studies)

Abstract

The modern economic growth theory was developed by Robert Solow as a theory of capital accumulation in the economy. The Solow model introduced the economic growth model where changes in the economic output are determined by changes in capital, labor, and technology. Capital is both an input and the output of the model. Assuming a constant returns to scale technology, Solow showed that the optimal capital accumulation of the society can be explained by changes in savings (new investments) and changes in population (labor). The Solow model has long faced the critics who argue that the economic growth paths espoused by Solow are not sustainable, to which he responded by attempting to define sustainability in economic terms.

Suggested Citation

  • S. Niggol Seo, 2023. "Robert Solow’s Modern Economic Growth," Springer Books, in: The Economics of Optimal Growth Pathways, chapter 0, pages 191-208, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-20754-9_9
    DOI: 10.1007/978-3-031-20754-9_9
    as

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