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A glance at Solow’s growth theory

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  • Schilirò, Daniele

Abstract

This paper examines the growth theory of Robert Solow , which has been a point of reference of economic growth since the 1950s. First, the article analyzes the path-breaking model of growth contained in Solow’s article “A Contribution to the Theory of Economic Growth” published in The Quarterly Journal of Economics (1956). Second, it looks at the contribution of Solow to growth accounting and to the new method of studying capital formation in economic growth through the vintage approach. Therefore, the work analyzes the article “Technical Change and the Aggregate Production Function” published in The Review of Economics and Statistics (1957). In the latter publication, Solow, through the aggregate production function, tries to measure growth and provide an explanation of the nature of technical progress. The article also examines Solow’s 1960 essay “Investment and Technical Progress” based on the hypothesis of embodied technological progress and the vintage approach.

Suggested Citation

  • Schilirò, Daniele, 2017. "A glance at Solow’s growth theory," MPRA Paper 84531, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:84531
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    File URL: https://mpra.ub.uni-muenchen.de/84531/1/MPRA_paper_84531.pdf
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    References listed on IDEAS

    as
    1. Daniele SCHILIRÒ, 2012. "Knowledge-Based Economies And The Institutional Environment," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 3(1), pages 42-50.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    4. Daniele SCHILIR, 2012. "Structural Change And Models Of Structural Analysis Theories Principles And Methods," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 3(2), pages 31-49.
    5. Solow, Robert M, 1988. "Growth Theory and After," American Economic Review, American Economic Association, vol. 78(3), pages 307-317, June.
    6. Schilirò, Daniele, 2006. "Crescita economica, conoscenza e capitale umano. Le teorie e i modelli di crescita endogena di Paul Romer e Robert Lucas [Economic growth, knowledge and human capital. Theories and models of endoge," MPRA Paper 52435, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Daniele Schilirò, 2019. "Sustainability, Innovation, and Efficiency: A Key Relationship," Palgrave Studies in Impact Finance, in: Magdalena Ziolo & Bruno S. Sergi (ed.), Financing Sustainable Development, chapter 0, pages 83-102, Palgrave Macmillan.
    2. Schilirò, Daniele, 2018. "Occupazione e mercato del lavoro in Italia. Aspetti congiunturali e strutturali [Employment and the labor market in Italy. Economic and structural aspects]," MPRA Paper 107630, University Library of Munich, Germany.
    3. Daniele Schilirò, 2019. "The Growth Conundrum: Paul Romer’s Endogenous Growth," International Business Research, Canadian Center of Science and Education, vol. 12(10), pages 75-85, October.

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    More about this item

    Keywords

    Aggregate Production Function; Capital Accumulation; Solow’s Models of Growth; Technological Change;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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