The Steady State Growth Rate in the Neoclassical Theory: A Brief Survey
by NSER Editorial Board on January 12, 2009
The so-called ‘marginalist revolution’ took place around the decade of the 70s of the 19th century. It produced a theory of the level and distribution of output based on the endowments of production factors, technology and consumer preferences. In such a theory, economic growth had to be conceived as the result of the increase in the endowments of factors. Early marginalist analyses of economic growth were developed by Alfred Marshall, Gustav Cassel and Knut Wicksell. We, however, start our survey from Robert Solow’s (1956, 1957) formulation of the neoclassical growth model because it later became the basic point of reference for any discussion on neoclassical exogenous and endogenous growth.
Zamparelli, Luca. 2004. “The Steady State Growth Rate in the Neoclassical Theory: A Brief Survey.” New School Economic Review 1(1): 42-53
Tags: Neoclassical, Steady State Growth
Good work! Thank you very much!
I always wanted to write in my blog something like that. Can I take part of your post to my blog?
Of course, I will add backlink?
Regards, Your Reader
Hi Timur,
Feel free to link and quote as much as you want :)
Happy you like it, it’s early days still but we are getting there…