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Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach

In: Economic Adjustment and Growth Theory and Practice

Author

Listed:
  • Delano S Villanueva
  • Roberto S Mariano
  • Diwa C Guinigundo
  • Abbas Mirakhor

Abstract

The basic neoclassical model of Solow (1956) and Swan (1956) has been the workhorse of economic growth theorists for the past three and a half decades. Its simple assumptions and structure — a single homogenous good, a well-behaved neoclassical production function, exogenous labor-augmenting technical progress, full employment, and exogenous labor force growth — provide an elegant solution to the “knife-edge” problem posed by Harrod (1939) and Domar (1946) and ensure the attainment of a balanced equilibrium growth path (Hacche (1979))…

Suggested Citation

  • Delano S Villanueva & Roberto S Mariano & Diwa C Guinigundo & Abbas Mirakhor, 2023. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach," World Scientific Book Chapters, in: Economic Adjustment and Growth Theory and Practice, chapter 2, pages 10-43, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811258787_0002
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    Keywords

    Adjustment and Growth; Testing Growth Models; Labor Participation; Human and Intellectual Capital; Finance and Growth; Adaptive Inflationary Expectations; Learning by Doing; Optimal Saving; Sustainable Foreign Debt; Stabilization and Structural Policies; Emerging Economy Case Study;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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