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From Long-Run Utopia to Technical Expertise: Solow's Growth Model as a Multipurpose Design

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  • Verena Halsmayer

Abstract

Combining concrete policy-oriented modeling strategies of World War II with what was received as traditional neoclassical theory, in 1956 Robert Solow constructed a simple, clean, and smooth-functioning “design” model that served many different purposes. As a working object it enabled experimentation with long-run equilibrium growth. As an instrument of measurement it was applied to time series data. As a prototype it was supposed to feed into larger-scale econometric models that were, in turn, thought of as technologies for policy advice. Used as a teaching device, Solow’s design became a medium of “spreading the technique,” and one of the symbols for neoclassical macroeconomics that soon became associated with MIT.

Suggested Citation

  • Verena Halsmayer, 2014. "From Long-Run Utopia to Technical Expertise: Solow's Growth Model as a Multipurpose Design," Center for the History of Political Economy Working Paper Series 2014-9, Center for the History of Political Economy.
    • Handle: RePEc:hec:heccee:2014-9
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    File URL: http://hope.econ.duke.edu/node/982
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    Keywords

    model; modeling; Robert Solow; growth theory; growth; neoclassical growth model; linear programming; dynamic programming; design model; Harvard Economic Research Project; Massachusetts Institute of Technology;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • Z1 - Other Special Topics - - Cultural Economics

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