Journal Article

The last 50 years in growth theory and the next 10

Robert M. Solow

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 23, issue 1, pages 3-14
Published in print March 2007 | ISSN: 0266-903X
Published online January 2007 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grm004
The last 50 years in growth theory and the next 10

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  • History of Economic Thought (1925 onwards)
  • General Aggregative Models
  • Economic Growth and Aggregate Productivity

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This article offers a personal view of the main achievements of (broadly) neoclassical growth theory, along with a few of the important gaps that remain. It discusses briefly the pluses and minuses of two major recent lines of research: endogenous growth theory and the drawing of causal inferences from international cross-sections, and criticizes the widespread contemporary tendency to convert the normative Ramsey model into a positive representative-agent macroeconomic model applying at all frequencies. Finally, it comments on the articles appearing in this symposium.

Keywords: Solow growth model; growth theory; 1956 anniversary; B22; E13; O41

Journal Article.  7440 words. 

Subjects: History of Economic Thought (1925 onwards) ; General Aggregative Models ; Economic Growth and Aggregate Productivity

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