1095:(TFP) during a particular time period. The increase in TFP is often attributed entirely to technological progress, but it also includes any permanent improvement in the efficiency with which factors of production are combined over time. Implicitly TFP growth includes any permanent productivity improvements that result from improved management practices in the private or public sectors of the economy. Paradoxically, even though TFP growth is exogenous in the model, it cannot be observed, so it can only be estimated in conjunction with the simultaneous estimate of the effect of capital accumulation on growth during a particular time period.
40:
4928:) growth in the Solow–Swan model is the residual after accounting for capital accumulation. The Mankiw, Romer, and Weil model provide a lower estimate of the TFP (residual) than the basic Solow–Swan model because the addition of human capital to the model enables capital accumulation to explain more of the variation in income across countries. In the basic model, the TFP residual includes the effect of human capital because human capital is not included as a factor of production.
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995:. Although this has become the canonical and celebrated story in the history of economics, featured in many economic textbooks, recent reappraisal of Harrod's work has contested it. One central criticism is that Harrod's original piece was neither mainly concerned with economic growth nor did he explicitly use a fixed proportions production function.
4957:, a country which was once relatively poor, has converged to the level of the rich countries. Japan experienced high growth rates after it raised its savings rates in the 1950s and 1960s, and it has experienced slowing growth of output/worker since its savings rates stabilized around 1970, as predicted by the model.
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Since the marginal product of physical capital is not higher in poor countries than in rich countries, the implication is that productivity is lower in poor countries. The basic Solow model cannot explain why productivity is lower in these countries. Lucas suggested that lower levels of human capital
1007:
equilibrium and that permanent growth of per capita income is achievable only through technological progress. Both shifts in saving and in population growth cause only level effects in the long-run (i.e. in the absolute value of real income per capita). An interesting implication of Solow's model is
4948:
towards the income levels of rich countries if the poor countries have similar savings rates for both physical capital and human capital as a share of output, a process known as conditional convergence. However, savings rates vary widely across countries. In particular, since considerable financing
954:
The Solow–Swan model was an extension to the 1946 Harrod–Domar model that dropped the restrictive assumption that only capital contributes to growth (so long as there is sufficient labor to use all capital). Important contributions to the model came from the work done by Solow and by Swan in 1956,
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In a growing economy, capital is accumulated faster than people are born, so the denominator in the growth function under the MFP calculation is growing faster than in the ALP calculation. Hence, MFP growth is almost always lower than ALP growth. (Therefore, measuring in ALP terms increases the
4775:
Theodore Breton provided an insight that reconciled the large effect of human capital from schooling in the Mankiw, Romer and Weil model with the smaller effect of schooling on workers' salaries. He demonstrated that the mathematical properties of the model include significant external effects
1058:
Assuming for simplicity no technological progress or labor force growth, diminishing returns implies that at some point the amount of new capital produced is only just enough to make up for the amount of existing capital lost due to depreciation. At this point, because of the assumptions of no
4915:
He showed that the large estimates of the effect of human capital in cross-country estimates of the model are consistent with the smaller effect typically found on workers' salaries when the external effects of human capital on physical capital and labor are taken into account. This insight
3437:
have a higher marginal product, which would provide a higher return on capital investment. As a consequence, the model predicts that in a world of open market economies and global financial capital, investment will flow from rich countries to poor countries, until capital/worker
1038:
who claimed that both the non-randomness of the sampled countries, and potential for significant measurement errors for estimates of real income per capita in 1870, biased Baumol's findings. DeLong concludes that there is little evidence to support the convergence theory.
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Since the 1950s, output/worker in rich and poor countries generally has not converged, but those poor countries that have greatly raised their savings rates have experienced the income convergence predicted by the Solow–Swan model. As an example, output/worker in
4633:
1062:
Assuming non-zero rates of labor growth complicate matters somewhat, but the basic logic still applies – in the short-run, the rate of growth slows as diminishing returns take effect and the economy converges to a constant "steady-state" rate of growth (that is,
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4910:
1116:) is output divided by a weighted average of capital and labor inputs. The weights used are usually based on the aggregate input shares either factor earns. This ratio is often quoted as: 33% return to capital and 67% return to labor (in Western nations).
4776:
between the factors of production, because human capital and physical capital are multiplicative factors of production. The external effect of human capital on the productivity of physical capital is evident in the marginal product of physical capital:
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The Solow model is also one of the most widely used models in economics to explain economic growth. Basically, it asserts that outcomes on the "total factor productivity (TFP) can lead to limitless increases in the standard of living in a country."
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significantly strengthens the case for the Mankiw, Romer, and Weil version of the Solow–Swan model. Most analyses criticizing this model fail to account for the pecuniary external effects of both types of capital inherent in the model.
5096:
3692:, that can explain the failure of international investment to flow to poor countries. In this model output and the marginal product of capital (K) are lower in poor countries because they have less human capital than rich countries.
3638:
5817:{\displaystyle {\dot {k}}(t)={\frac {{\dot {K}}(t)}{A(t)L(t)}}-{\frac {K(t)}{^{2}}}={\frac {{\dot {K}}(t)}{A(t)L(t)}}-{\frac {K(t)}{A(t)L(t)}}{\frac {{\dot {L}}(t)}{L(t)}}-{\frac {K(t)}{A(t)L(t)}}{\frac {{\dot {A}}(t)}{A(t)}}}
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3818:
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2049:, the derivative with respect to time. Derivative with respect to time means that it is the change in capital stock—output that is neither consumed nor used to replace worn-out old capital goods is net investment.
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1033:
attempted to verify this empirically and found a very strong correlation between a countries' output growth over a long period of time (1870 to 1979) and its initial wealth. His findings were later contested by
4744:
did not seem consistent with accepted estimates of the effect of increases in schooling on workers' salaries. Though the estimated model explained 78% of variation in income across countries, the estimates of
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The per-capita income levels of the southern states of the United States have tended to converge to the levels in the
Northern states. The observed convergence in these states is also consistent with the
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1969:
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Including non-zero technological progress is very similar to the assumption of non-zero workforce growth, in terms of "effective labor": a new steady state is reached with constant output per
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6013:
5955:
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4782:
4999:" has produced the surprising result that although output per worker has been rising, almost none of their rapid growth had been due to rising per-capita productivity (they have a low "
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987:
as a "crucial assumption" to the instability results in the Harrod-Domar model. His own work expands upon this by exploring the implications of alternative specifications, namely the
4183:
926:
stock of capital. Due to its particularly attractive mathematical characteristics, Solow–Swan proved to be a convenient starting point for various extensions. For instance, in 1965,
2404:
1019:
Efficient allocation of international capital flows, since the rate of return on capital should be higher in poorer countries. In practice, this is seldom observed and is known as
6587:
Cass endogenizes the savings rate by explicitly modeling the consumer’s decision to consume and save. This is done by adding a household optimization problem to the Solow model.
6414:
2047:
2503:
1352:
1673:
1615:
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constraints exist for investment in schooling, savings rates for human capital are likely to vary as a function of cultural and ideological characteristics in each country.
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963:
for his work. Today, economists use Solow's sources-of-growth accounting to estimate the separate effects on economic growth of technological change, capital, and labor.
6358:{\displaystyle {\dot {k}}(t)=s{\frac {Y(t)}{A(t)L(t)}}-\delta {\frac {K(t)}{A(t)L(t)}}-n{\frac {K(t)}{A(t)L(t)}}-g{\frac {K(t)}{A(t)L(t)}}=sy(t)-\delta k(t)-nk(t)-gk(t)}
2001:
4765:
4742:
1717:
3870:
3661:
2088:
1777:
5348:{\displaystyle y(t)={\frac {Y(t)}{A(t)L(t)}}={\frac {K(t)^{\alpha }(A(t)L(t))^{1-\alpha }}{A(t)L(t)}}={\frac {K(t)^{\alpha }}{(A(t)L(t))^{\alpha }}}=k(t)^{\alpha }}
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Therefore, at the equilibrium, the capital/output ratio depends only on the saving, growth, and depreciation rates. This is the Solow–Swan model's version of the
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as physical capital. For simplicity, they assume the same function of accumulation for both types of capital. Like in Solow–Swan, a fraction of the outcome,
3663:
is the fraction of income appropriated by capital. Thus, the Solow–Swan model assumes from the beginning that the labor-capital split of income is constant.
2887:
756:
3701:
3001:, regardless of its starting point. In this situation, the growth of output per worker is determined solely by the rate of technological progress.
2662:
841:
7000:
Litina, Anastasia; Palivos, Theodore (2008). "Do Inada conditions imply that production function must be asymptotically Cobb–Douglas? A comment".
992:
7598:
6657:
Haines, Joel D.; Sharif, Nawaz M. (2006). "A framework for managing the sophistication of the components of technology for global competition".
1087:
In the Solow–Swan model the unexplained change in the growth of output after accounting for the effect of capital accumulation is called the
4046:
3956:
8732:
8688:
4965:
concept. Whether absolute convergence between countries or regions occurs depends on whether they have similar characteristics, such as:
1016:
Lags in the diffusion on knowledge. Differences in real income might shrink as poor countries receive better technology and information;
2250:
1098:
The model can be reformulated in slightly different ways using different productivity assumptions, or different measurement metrics:
3114:
1893:
1074:. However, in this case, per-capita output grows at the rate of technological progress in the "steady-state" (that is, the rate of
1055:
Given a fixed stock of labor, the impact on output of the last unit of capital accumulated will always be less than the one before.
2123:
4268:
4188:
1207:
2244:, the capital stock per unit of effective labour. Its behaviour over time is given by the key equation of the Solow–Swan model:
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Klenow and
Rodriguez-Clare cast doubt on the validity of the augmented model because Mankiw, Romer, and Weil's estimates of
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988:
887:
834:
4767:
implied that human capital's external effects on national income are greater than its direct effect on workers' salaries.
7736:
7659:
6591:
3904:, is saved each period, but in this case split up and invested partly in physical and partly in human capital, such that
6729:
4628:{\displaystyle h^{*}=\left({\frac {s_{K}^{\alpha }s_{H}^{1-\alpha }}{n+g+\delta }}\right)^{\frac {1}{1-\alpha -\beta }}}
7621:
6616:
5827:
2584:
979:
and capital-output ratios that are not fixed as they are in the Harrod–Domar model. These refinements allow increasing
943:
512:
360:
7221:
4504:{\displaystyle k^{*}=\left({\frac {s_{K}^{1-\beta }s_{H}^{\beta }}{n+g+\delta }}\right)^{\frac {1}{1-\alpha -\beta }}}
3507:
6913:
1138:
4905:{\displaystyle MPK={\frac {\partial Y}{\partial K}}={\frac {\alpha A^{1-\alpha }(H/L)^{\beta }}{(K/L)^{1-\alpha }}}}
5960:
5902:
453:
7129:
Mankiw, N. Gregory; Romer, David; Weil, David N. (May 1992). "A Contribution to the
Empirics of Economic Growth".
827:
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6483:
917:
6642:
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4138:
1190:
558:
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8351:
7222:"Were Mankiw, Romer, and Weil Right? A Reconciliation of the Micro and Macro Effects of Schooling on Income"
8290:
8263:
7584:
van
Rijckeghem Willy (1963) : The Structure of Some Macro-Economic Growth Models : a Comparison.
6787:
Besomi, Daniele (2001). "Harrod's dynamics and the theory of growth: the story of a mistaken attribution".
2997:
is also growing at that rate. In essence, the Solow–Swan model predicts that an economy will converge to a
2352:
1517:
are given. The number of workers, i.e. labor, as well as the level of technology grow exogenously at rates
984:
497:
485:
1026:
A mathematical implication of the model (assuming poor countries have not yet reached their steady state).
8717:
8698:
8275:
8120:
8086:
8071:
8050:
8045:
7585:
6957:
6929:
Baumol, William J. (1986). "Productivity Growth, Convergence, and
Welfare: What the Long-Run Data Show".
6368:
5043:
3502:
2998:
2006:
1004:
387:
217:
141:
69:
8692:
8268:
7958:
7948:
7612:
7272:
Breton, T. R. (2013). "The role of education in economic growth: Theory, history and current returns".
2458:
1325:
1198:
507:
490:
370:
3379:{\displaystyle MPK={\frac {\partial Y}{\partial K}}={\frac {\alpha A^{1-\alpha }}{(K/L)^{1-\alpha }}}}
8762:
7838:
6861:(2016-07-03). "Solow's Harrod: Transforming macroeconomic dynamics into a model of long-run growth".
4925:
1621:
1563:
1092:
392:
7143:
7074:
4989:
Additional evidence for conditional convergence comes from multivariate, cross-country regressions.
3200:
955:
who independently developed relatively simple growth models. Solow's model fitted available data on
8757:
8722:
8668:
8411:
8366:
8205:
8076:
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7110:
5017:
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382:
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Solow Model Videos - 20+ videos walking through derivation of the Solow Growth Model's
Conclusions
8376:
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8200:
8190:
8180:
7918:
7908:
7868:
7858:
7731:
7652:
7531:"From Exploratory Modeling to Technical Expertise: Solow's Growth Model as a Multipurpose Design"
5036:
The idea of using a Cobb–Douglas production function at the core of a growth model dates back to
1844:
1814:
1009:
551:
473:
468:
440:
23:
1977:
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7138:
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906:
783:
534:
350:
345:
330:
297:
156:
7565:
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7448:
6445:
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1681:
8678:
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8336:
8321:
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8234:
7913:
7853:
7833:
7828:
7486:
7401:
3855:
3646:
2055:
1884:
1762:
1430:
represents effective labor. All factors of production are fully employed, and initial values
1146:
623:
598:
502:
435:
161:
124:
102:
97:
7440:
6437:
2505:, is the “break-even investment”: the amount of investment that must be invested to prevent
8727:
8431:
8175:
8145:
8098:
8061:
7987:
7938:
7903:
7843:
7808:
7743:
7726:
7397:
7343:
7311:
3875:
3695:
Similar to the textbook Solow–Swan model, the production function is of Cobb–Douglas type:
3084:
2857:
2830:
2798:
2557:
1850:
1782:
1722:
976:
871:
541:
200:
7676:
7432:
7374:
Agénor, Pierre-Richard (2004). "Growth and
Technological Progress: The Solow–Swan Model".
3826:
3248:
2528:
2429:
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1462:
1433:
1357:
8:
8657:
8466:
8285:
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7848:
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3441:
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1008:
that poor countries should grow faster and eventually catch-up to richer countries. This
903:
883:
751:
628:
463:
425:
166:
129:
8326:
7758:
3633:{\displaystyle \alpha ={\frac {K{\frac {\partial Y}{\partial K}}}{Y}}={\frac {rK}{Y}}\,}
2775:
1410:
588:
8712:
8683:
8641:
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8155:
8135:
8103:
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8012:
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2100:
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703:
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335:
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7452:
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7409:
7379:
7351:
7319:
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7258:
7197:
7040:
7002:
6958:"Inada conditions imply that production function must be asymptotically Cobb–Douglas"
6909:
6890:
6878:
6766:
6721:
6713:
6449:
6438:
5074:
4996:
4937:
4936:
The Solow–Swan model augmented with human capital predicts that the income levels of
3677:
2222:
1122:
980:
931:
875:
778:
766:
723:
568:
563:
287:
212:
8501:
1059:
technological progress or labor force growth, we can see the economy ceases to grow.
638:
8626:
8571:
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8526:
8456:
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8371:
7978:
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6703:
6691:
6666:
6625:
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2967:{\displaystyle y^{*}=\left({\frac {s}{n+g+\delta }}\right)^{\alpha /(1-\alpha )}\,}
2091:
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1142:
913:
713:
698:
224:
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109:
89:
59:
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A standard Solow model predicts that in the long run, economies converge to their
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Java applet where you can experiment with parameters and learn about Solow model
6564:
Cass D (1965): "Optimum Growth in an
Aggregative Model of Capital Accumulation,
6519:
1047:
The key assumption of the Solow–Swan growth model is that capital is subject to
8651:
8636:
8601:
8586:
8566:
8536:
8356:
8007:
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7684:
6708:
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5000:
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1088:
1030:
891:
863:
773:
688:
683:
340:
190:
146:
64:
39:
31:
8386:
7603:
7240:
6725:
6505:
3813:{\displaystyle Y(t)=K(t)^{\alpha }H(t)^{\beta }(A(t)L(t))^{1-\alpha -\beta },}
608:
8751:
8616:
8606:
8581:
8521:
8516:
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6882:
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theorised a version of the Solow-Swan model, augmented to include a role for
3685:
2742:{\displaystyle k^{*}=\left({\frac {s}{n+g+\delta }}\right)^{1/(1-\alpha )}\,}
2656:, at which there is neither an increase nor a decrease of capital intensity:
1020:
956:
708:
693:
668:
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618:
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277:
239:
136:
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Lecture 3 – Growth Model with
Endogenous Savings: Ramsey-Cass-Koopmans Model
8646:
8591:
8486:
8476:
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2827:. Likewise, it is possible to calculate the steady-state of created wealth
1075:
895:
879:
803:
728:
673:
633:
420:
292:
259:
249:
207:
84:
79:
7627:
7378:(Second ed.). Cambridge: Harvard University Press. pp. 439–462.
6800:
3409:
is the same across countries, then countries with less capital per worker
882:
largely driven by technological progress. At its core, it is an aggregate
8621:
8611:
8401:
8280:
8224:
7699:
7423:
Burmeister, Edwin; Dobell, A. Rodney (1970). "One-Sector Growth Models".
7032:
6534:
4992:
4978:
3681:
3274:
in the Solow–Swan model is inversely related to the capital/labor ratio.
939:
899:
733:
244:
229:
6808:
5056:
4135:
The balanced (or steady-state) equilibrium growth path is determined by
3950:. Therefore, there are two fundamental dynamic equations in this model:
8531:
8331:
8108:
7183:
7160:
6942:
6843:
6761:
6744:
6637:
6514:
5062:
4982:
1880:
927:
922:
663:
593:
529:
480:
6985:
6575:
2406:, is the actual investment per unit of effective labour: the fraction
8381:
8311:
7668:
7249:
6687:
4969:
1404:
761:
603:
234:
119:
74:
7184:"The Neoclassical Revival in Growth Economics: Has It Gone Too Far?"
7152:
6835:
6629:
6496:
4125:{\displaystyle {\dot {h}}=s_{H}k^{\alpha }h^{\beta }-(n+g+\delta )h}
4035:{\displaystyle {\dot {k}}=s_{K}k^{\alpha }h^{\beta }-(n+g+\delta )k}
8160:
7633:
Professor José-Víctor Ríos-Rull's course at
University of Minnesota
7530:
7439:; Startz, Richard (2004). "Growth Theory: The Neoclassical Model".
7060:
Caselli, F.; Feyrer, J. (2007). "The Marginal Product of Capital".
6478:
6614:(1957). "Technical change and the aggregate production function".
3852:
is the stock of human capital, which depreciates at the same rate
7108:(1990). "Why doesn't Capital Flow from Rich to Poor Countries?".
959:
economic growth with some success. In 1987 Solow was awarded the
7470:(Second ed.). Cincinnati: South-Western. pp. 333–355.
6682:
6680:
5041:(1942). "Zur Theorie der langfristigen Wirtschaftsentwicklung".
983:
to be distinguished from technological progress. Solow sees the
870:. It attempts to explain long-run economic growth by looking at
7628:
A step-by-step explanation of how to understand the Solow Model
5073:. Baltimore: Johns Hopkins University Press. pp. 362–368.
2339:{\displaystyle {\dot {k}}(t)=sk(t)^{\alpha }-(n+g+\delta )k(t)}
810:
6677:
6537:(November 1956). "Economic growth and capital accumulation".
4954:
3180:{\displaystyle {\frac {K(t)}{Y(t)}}={\frac {s}{n+g+\delta }}}
1964:{\displaystyle {\dot {K}}(t)=s\cdot Y(t)-\delta \cdot K(t)\,}
1752:
402:
178:
7637:
7350:(Second ed.). New York: McGraw-Hill. pp. 461–509.
2211:{\displaystyle y(t)={\frac {Y(t)}{A(t)L(t)}}=k(t)^{\alpha }}
1082:
938:
analysis of consumer optimization, thereby endogenizing the
7491:. Manchester: Manchester University Press. pp. 42–48.
4338:{\displaystyle s_{H}k^{\alpha }h^{\beta }-(n+g+\delta )h=0}
4258:{\displaystyle s_{K}k^{\alpha }h^{\beta }-(n+g+\delta )k=0}
1292:{\displaystyle Y(t)=K(t)^{\alpha }(A(t)L(t))^{1-\alpha }\,}
975:
Solow extended the Harrod–Domar model by adding labor as a
7466:
Farmer, Roger E. A. (1999). "Neoclassical Growth Theory".
7408:(Second ed.). New York: McGraw-Hill. pp. 23–84.
7318:(Second ed.). New York: McGraw-Hill. pp. 37–51.
7182:
Klenow, Peter J.; Rodriguez-Clare, Andres (January 1997).
1141:
world with no government or international trade. A single
7039:(Fourth ed.). New York: McGraw-Hill. pp. 6–48.
6696:
Undergraduate Journal of Mathematical Modeling: One + Two
1354:
is the elasticity of output with respect to capital, and
7447:(Ninth ed.). New York: McGraw-Hill Irwin. pp.
3498:
in poor countries could explain the lower productivity.
6863:
The European Journal of the History of Economic Thought
4707:{\displaystyle y^{*}=(k^{*})^{\alpha }(h^{*})^{\beta }}
7514:(Third ed.). Berlin: Springer. pp. 175–189.
7431:
970:
7570:. Englewood Cliffs: Prentice-Hall. pp. 398–416.
7484:
7346:(2004). "Growth Models with Exogenous Saving Rates".
7314:(2004). "Growth Models with Exogenous Saving Rates".
7181:
6743:
Blume, Lawrence E.; Sargent, Thomas J. (2015-03-01).
6371:
6061:
6041:
6021:
5963:
5905:
5830:
5369:
5099:
4785:
4751:
4728:
4644:
4518:
4394:
4371:
4351:
4271:
4191:
4141:
4049:
3959:
3910:
3878:
3858:
3829:
3704:
3666:
3649:
3572:
3550:
3510:
3472:
3444:
3415:
3395:
3283:
3251:
3231:
3203:
3117:
3087:
3074:{\displaystyle {\frac {K(t)}{Y(t)}}=k(t)^{1-\alpha }}
3010:
2983:
2890:
2860:
2833:
2801:
2778:
2758:
2665:
2587:
2560:
2531:
2511:
2461:
2432:
2412:
2355:
2253:
2230:
2126:
2103:
2058:
2009:
1980:
1896:
1853:
1817:
1785:
1765:
1725:
1684:
1624:
1566:
1543:
1523:
1494:
1465:
1436:
1413:
1389:
1360:
1328:
1308:
1210:
1175:
1155:
6822:
Harrod, R. F. (1939). "An Essay in Dynamic Theory".
890:
type, which enables the model "to make contact with
1091:. This residual measures the exogenous increase in
7392:
7338:
7306:
6444:. Princeton: Princeton University Press. pp.
6436:Acemoglu, Daron (2009). "The Solow Growth Model".
6408:
6357:
6047:
6027:
6007:
5949:
5891:
5816:
5347:
4904:
4770:
4759:
4736:
4706:
4627:
4503:
4377:
4357:
4337:
4257:
4177:
4124:
4034:
3942:
3896:
3864:
3844:
3812:
3655:
3632:
3556:
3533:
3486:
3458:
3429:
3401:
3378:
3266:
3237:
3217:
3179:
3100:
3073:
2989:
2966:
2873:
2846:
2819:
2787:
2764:
2741:
2648:
2573:
2546:
2517:
2497:
2447:
2418:
2398:
2338:
2236:
2221:The main interest of the model is the dynamics of
2210:
2109:
2082:
2041:
1995:
1963:
1883:. This dynamic is expressed through the following
1871:
1835:
1803:
1771:
1743:
1711:
1667:
1609:
1549:
1529:
1509:
1480:
1451:
1422:
1395:
1375:
1346:
1314:
1291:
1181:
1161:
7192:. National Bureau of Economic Research. pp.
6600:. Instituto Tecnologico Autonomo de Mexico (ITAM)
6479:"A contribution to the theory of economic growth"
5892:{\displaystyle {\dot {K}}(t)=sY(t)-\delta K(t)\,}
2649:{\displaystyle sk(t)^{\alpha }=(n+g+\delta )k(t)}
8749:
7543:MIT and the Transformation of American Economics
7422:
7186:. In Bernanke, Ben S.; Rotemberg, Julio (eds.).
6956:Barelli, Paulo; Pessôa, Samuel de Abreu (2003).
3534:{\displaystyle {\frac {\partial Y}{\partial K}}}
7567:Mathematical Optimalization and Economic Theory
7128:
6856:
7653:
7059:
6999:
6955:
6008:{\displaystyle {\frac {{\dot {A}}(t)}{A(t)}}}
5950:{\displaystyle {\frac {{\dot {L}}(t)}{L(t)}}}
2455:that is saved and invested. The second term,
835:
7563:
7027:
7025:
6742:
6656:
4919:
3671:
894:". The model was developed independently by
7402:"Growth Models with Exogenous Saving Rates"
6652:
6650:
6469:
6467:
6465:
6055:, respectively, the equation simplifies to
2426:of the output per unit of effective labour
1132:
7660:
7646:
7189:NBER Macroeconomics Annual 1997, Volume 12
6529:
6527:
5067:"Neoclassical Growth: Tinbergen and Solow"
4931:
2977:By assumption of constant returns, output
2117:, which is a measure for wealth creation:
1779:. However, only a fraction of the output (
1403:refers to labor-augmenting technology or “
912:Mathematically, the Solow–Swan model is a
842:
828:
7528:
7248:
7215:
7213:
7142:
7098:
7073:
7022:
6984:
6760:
6707:
6686:
6504:
5888:
5037:
3629:
2963:
2738:
1960:
1288:
1083:Variations in the effects of productivity
1072:worker-hour required for a unit of output
993:constant elasticity of substitution (CES)
7505:
7425:Mathematical Theories of Economic Growth
6732:from the original on September 22, 2017.
6692:"The Solow Model and Standard of Living"
6647:
6462:
6435:
4717:
4345:. Solving for the steady-state level of
2525:from falling. The equation implies that
1678:The number of effective units of labor,
1137:The textbook Solow–Swan model is set in
998:
7488:Introduction to Dynamic Economic Models
7485:Ferguson, Brian S.; Lim, G. C. (1998).
6524:
4178:{\displaystyle {\dot {k}}={\dot {h}}=0}
8750:
7465:
7427:. New York: Macmillan. pp. 20–64.
7376:The Economics of Adjustment and Growth
7373:
7271:
7219:
7210:
6928:
6821:
6786:
6440:Introduction to Modern Economic Growth
152:Measures of national income and output
7641:
7104:
7031:
6903:
6782:
6780:
6610:
6473:
5071:Pioneering Economic Theory, 1630–1980
5061:
4995:analysis on Singapore and the other "
2554:converges to a steady-state value of
2399:{\displaystyle sk(t)^{\alpha }=sy(t)}
1201:must be asymptotically equal to one.
985:fixed proportions production function
942:, to create what is now known as the
6533:
1106:) is economic output per labor hour.
7737:Agent-based computational economics
6409:{\displaystyle y(t)=k(t)^{\alpha }}
2096:output per effective unit of labour
2042:{\displaystyle {\frac {dK(t)}{dt}}}
971:Extension to the Harrod–Domar model
13:
7622:The Wolfram Demonstrations Project
7367:
7131:The Quarterly Journal of Economics
7062:The Quarterly Journal of Economics
7035:(2011). "The Solow Growth Model".
6777:
6617:Review of Economics and Statistics
6551:10.1111/j.1475-4932.1956.tb00434.x
4809:
4801:
3667:Mankiw–Romer–Weil version of model
3596:
3588:
3522:
3514:
3307:
3299:
14:
8774:
7592:
7564:Intriligator, Michael D. (1971).
2498:{\displaystyle (n+g+\delta )k(t)}
1347:{\displaystyle 0<\alpha <1}
1125:effect.) MFP is measured by the "
920:that models the evolution of the
16:Model of long-run economic growth
8195:neoclassical–Keynesian synthesis
3245:the marginal product of capital
809:
797:
38:
7508:"The Neoclassical Growth Model"
7332:
7300:
7265:
7175:
7122:
7053:
6993:
6949:
6922:
6908:. McGraw-Hill. pp. 31–35.
6897:
6850:
6815:
6736:
5357:
5087:
4771:Accounting for external effects
1668:{\displaystyle A(t)=A(0)e^{gt}}
1610:{\displaystyle L(t)=L(0)e^{nt}}
1145:(output) is produced using two
7608:Marginal Revolution University
6789:Cambridge Journal of Economics
6604:
6581:
6566:The Review of Economic Studies
6557:
6484:Quarterly Journal of Economics
6429:
6397:
6390:
6381:
6375:
6352:
6346:
6334:
6328:
6316:
6310:
6298:
6292:
6277:
6271:
6265:
6259:
6251:
6245:
6227:
6221:
6215:
6209:
6201:
6195:
6177:
6171:
6165:
6159:
6151:
6145:
6127:
6121:
6115:
6109:
6101:
6095:
6080:
6074:
5999:
5993:
5985:
5979:
5941:
5935:
5927:
5921:
5885:
5879:
5867:
5861:
5849:
5843:
5808:
5802:
5794:
5788:
5767:
5761:
5755:
5749:
5741:
5735:
5720:
5714:
5706:
5700:
5679:
5673:
5667:
5661:
5653:
5647:
5632:
5626:
5620:
5614:
5606:
5600:
5579:
5576:
5570:
5555:
5549:
5540:
5534:
5519:
5513:
5507:
5495:
5491:
5485:
5479:
5473:
5467:
5462:
5456:
5441:
5435:
5429:
5423:
5415:
5409:
5388:
5382:
5336:
5329:
5311:
5307:
5301:
5295:
5289:
5283:
5272:
5265:
5250:
5244:
5238:
5232:
5212:
5208:
5202:
5196:
5190:
5184:
5175:
5168:
5153:
5147:
5141:
5135:
5127:
5121:
5109:
5103:
5030:
4884:
4869:
4858:
4843:
4695:
4681:
4672:
4658:
4323:
4305:
4243:
4225:
4116:
4098:
4026:
4008:
3891:
3885:
3839:
3833:
3786:
3782:
3776:
3770:
3764:
3758:
3749:
3742:
3730:
3723:
3714:
3708:
3358:
3343:
3261:
3255:
3218:{\displaystyle {\alpha }<1}
3144:
3138:
3130:
3124:
3056:
3049:
3037:
3031:
3023:
3017:
2958:
2946:
2814:
2802:
2752:at which the stock of capital
2733:
2721:
2643:
2637:
2631:
2613:
2601:
2594:
2541:
2535:
2492:
2486:
2480:
2462:
2442:
2436:
2393:
2387:
2369:
2362:
2333:
2327:
2321:
2303:
2291:
2284:
2272:
2266:
2199:
2192:
2180:
2174:
2168:
2162:
2154:
2148:
2136:
2130:
2077:
2062:
2052:Since the production function
2025:
2019:
1957:
1951:
1936:
1930:
1915:
1909:
1798:
1792:
1738:
1726:
1706:
1700:
1694:
1688:
1649:
1643:
1634:
1628:
1591:
1585:
1576:
1570:
1504:
1498:
1475:
1469:
1446:
1440:
1370:
1364:
1273:
1269:
1263:
1257:
1251:
1245:
1236:
1229:
1220:
1214:
1042:
918:ordinary differential equation
757:Publications in macroeconomics
1:
8131:Critique of political economy
7667:
7016:10.1016/j.econlet.2007.09.035
6977:10.1016/S0165-1765(03)00218-0
6875:10.1080/09672567.2014.1001763
6423:
3943:{\displaystyle s=s_{K}+s_{H}}
1759:over time at a constant rate
1383:represents total production.
1191:aggregate production function
949:
7535:History of Political Economy
7506:Gandolfo, Giancarlo (1996).
7286:10.1080/00131881.2013.801241
6931:The American Economic Review
1102:Average Labor Productivity (
1067:economic growth per-capita).
902:in 1956, and superseded the
7:
7586:Weltwirtschaftliches Archiv
6702:(2 (Article 5)): Abstract.
5044:Weltwirtschaftliches Archiv
5006:
4924:The exogenous rate of TFP (
3503:marginal product of capital
3494:equalize across countries.
2999:balanced-growth equilibrium
1836:{\displaystyle 0<c<1}
886:, often specified to be of
10:
8779:
8269:Real business-cycle theory
7529:Halsmayer, Verena (2014).
6709:10.5038/2326-3652.7.2.4879
5363:Step-by-step calculation:
5093:Step-by-step calculation:
4975:Institutional arrangements
1996:{\displaystyle {\dot {K}}}
1719:, therefore grows at rate
1199:elasticity of substitution
944:Ramsey–Cass–Koopmans model
508:New neoclassical synthesis
491:Real business-cycle theory
8709:
8667:
8309:
8043:
7792:
7757:
7675:
7588:volume 91 pp. 84–100
7241:10.1017/S1365100511000824
4926:total factor productivity
4920:Total factor productivity
3672:Addition of human capital
1093:total factor productivity
7551:10.1215/00182702-2716181
7111:American Economic Review
6671:10.1108/cr.2006.16.2.106
5023:
5018:Endogenous growth theory
4760:{\displaystyle {\beta }}
4737:{\displaystyle {\beta }}
1847:, leaving a saved share
1712:{\displaystyle A(t)L(t)}
1133:Mathematics of the model
1110:Multifactor productivity
961:Nobel Prize in Economics
513:Saltwater and freshwater
7909:Industrial organization
7732:Computational economics
7037:Advanced Macroeconomics
6906:Advanced Macroeconomics
4963:conditional convergence
4932:Conditional convergence
3865:{\displaystyle \delta }
3656:{\displaystyle \alpha }
3192:golden rule saving rate
2094:, it can be written as
2083:{\displaystyle Y(K,AL)}
1772:{\displaystyle \delta }
1197:, which imply that the
1012:could be explained by:
916:consisting of a single
441:International economics
366:Overlapping generations
8114:Modern monetary theory
7779:Experimental economics
7749:Pluralism in economics
7722:Mathematical economics
7229:Macroeconomic Dynamics
7220:Breton, T. R. (2013).
7084:10.1162/qjec.122.2.535
6659:Competitiveness Review
6410:
6365:. As mentioned above,
6359:
6049:
6029:
6009:
5951:
5893:
5818:
5349:
4906:
4761:
4738:
4708:
4629:
4505:
4379:
4359:
4339:
4259:
4179:
4126:
4036:
3944:
3898:
3866:
3846:
3814:
3657:
3634:
3558:
3535:
3488:
3460:
3431:
3403:
3380:
3268:
3239:
3219:
3181:
3102:
3075:
3004:Since, by definition,
2991:
2968:
2875:
2854:that corresponds with
2848:
2821:
2789:
2766:
2743:
2650:
2575:
2548:
2519:
2499:
2449:
2420:
2400:
2340:
2238:
2212:
2111:
2084:
2043:
1997:
1965:
1873:
1837:
1805:
1773:
1745:
1713:
1669:
1611:
1551:
1531:
1511:
1482:
1453:
1424:
1397:
1377:
1348:
1316:
1293:
1183:
1163:
860:exogenous growth model
784:Mathematical economics
535:Modern monetary theory
298:Universal basic income
7620:by Fiona Maclachlan,
7398:Sala-i-Martin, Xavier
7344:Sala-i-Martin, Xavier
7312:Sala-i-Martin, Xavier
6904:Romer, David (2006).
6411:
6360:
6050:
6030:
6010:
5952:
5894:
5819:
5350:
4985:with other countries.
4907:
4762:
4739:
4718:Econometric estimates
4709:
4638:In the steady state,
4630:
4506:
4380:
4360:
4340:
4260:
4180:
4127:
4037:
3945:
3899:
3897:{\displaystyle sY(t)}
3867:
3847:
3815:
3658:
3635:
3559:
3536:
3489:
3461:
3432:
3404:
3381:
3269:
3240:
3220:
3182:
3103:
3101:{\displaystyle k^{*}}
3081:, at the equilibrium
3076:
2992:
2969:
2876:
2874:{\displaystyle k^{*}}
2849:
2847:{\displaystyle y^{*}}
2822:
2820:{\displaystyle (n+g)}
2790:
2772:and effective labour
2767:
2744:
2651:
2576:
2574:{\displaystyle k^{*}}
2549:
2520:
2500:
2450:
2421:
2401:
2341:
2239:
2213:
2112:
2085:
2044:
1998:
1966:
1885:differential equation
1874:
1872:{\displaystyle s=1-c}
1838:
1806:
1804:{\displaystyle cY(t)}
1774:
1746:
1744:{\displaystyle (n+g)}
1714:
1670:
1612:
1552:
1532:
1512:
1483:
1454:
1425:
1398:
1378:
1349:
1317:
1294:
1184:
1164:
1147:factors of production
1051:in a closed economy.
999:Long-run implications
991:and the more general
624:Wesley Clair Mitchell
599:Thomas Robert Malthus
436:Development economics
7988:Social choice theory
7744:Behavioral economics
7727:Complexity economics
7274:Educational Research
6824:The Economic Journal
6749:The Economic Journal
6369:
6059:
6039:
6019:
5961:
5903:
5828:
5367:
5097:
4783:
4749:
4726:
4642:
4516:
4392:
4369:
4349:
4269:
4189:
4139:
4047:
3957:
3908:
3876:
3856:
3845:{\displaystyle H(t)}
3827:
3702:
3647:
3570:
3548:
3508:
3470:
3442:
3413:
3393:
3281:
3267:{\displaystyle K(t)}
3249:
3229:
3201:
3115:
3085:
3008:
2981:
2888:
2858:
2831:
2799:
2795:are growing at rate
2776:
2756:
2663:
2585:
2558:
2547:{\displaystyle k(t)}
2529:
2509:
2459:
2448:{\displaystyle y(t)}
2430:
2410:
2353:
2251:
2228:
2124:
2101:
2056:
2007:
1978:
1894:
1851:
1815:
1783:
1763:
1723:
1682:
1622:
1564:
1541:
1521:
1510:{\displaystyle L(0)}
1492:
1481:{\displaystyle K(0)}
1463:
1452:{\displaystyle A(0)}
1434:
1411:
1387:
1376:{\displaystyle Y(t)}
1358:
1326:
1306:
1208:
1173:
1153:
977:factor of production
872:capital accumulation
361:Ramsey–Cass–Koopmans
201:Liquidity preference
8072:American (National)
7772:Economic statistics
6857:Halsmayer, Verena;
6801:10.1093/cje/25.1.79
4575:
4554:
4451:
4436:
3487:{\displaystyle Y/L}
3459:{\displaystyle K/L}
3430:{\displaystyle K/L}
1193:that satisfies the
1049:diminishing returns
884:production function
878:, and increases in
816:Business portal
752:Macroeconomic model
629:John Maynard Keynes
426:Economic statistics
371:General equilibrium
7618:Solow Growth Model
7433:Dornbusch, Rüdiger
6762:10.1111/ecoj.12224
6506:10338.dmlcz/143862
6406:
6355:
6045:
6025:
6005:
5947:
5889:
5814:
5345:
4902:
4757:
4734:
4704:
4625:
4555:
4540:
4501:
4437:
4416:
4375:
4355:
4335:
4255:
4175:
4122:
4032:
3940:
3894:
3862:
3842:
3810:
3653:
3630:
3554:
3531:
3484:
3466:and income/worker
3456:
3427:
3399:
3376:
3264:
3235:
3215:
3177:
3098:
3071:
2987:
2964:
2871:
2844:
2817:
2788:{\displaystyle AL}
2785:
2762:
2739:
2646:
2571:
2544:
2515:
2495:
2445:
2416:
2396:
2336:
2234:
2208:
2107:
2080:
2039:
1993:
1961:
1869:
1833:
1801:
1769:
1741:
1709:
1665:
1607:
1547:
1527:
1507:
1478:
1449:
1423:{\displaystyle AL}
1420:
1393:
1373:
1344:
1312:
1289:
1179:
1159:
907:Harrod–Domar model
704:Edward C. Prescott
431:Monetary economics
8745:
8744:
8276:New institutional
7604:Video explanation
7577:978-0-13-561753-3
7521:978-3-540-60988-9
7512:Economic Dynamics
7498:978-0-7190-4996-5
7477:978-0-324-12058-5
7458:978-0-07-282340-0
7415:978-0-262-02553-9
7385:978-0-674-01578-4
7357:978-0-262-02553-9
7325:978-0-262-02553-9
7203:978-0-262-02435-8
7046:978-0-07-351137-5
7003:Economics Letters
6965:Economics Letters
6477:(February 1956).
6455:978-0-691-13292-1
6281:
6231:
6181:
6131:
6071:
6048:{\displaystyle g}
6028:{\displaystyle n}
6003:
5976:
5945:
5918:
5840:
5812:
5785:
5771:
5724:
5697:
5683:
5636:
5597:
5567:
5531:
5505:
5445:
5406:
5379:
5321:
5254:
5157:
5080:978-0-8018-2667-2
4997:East Asian Tigers
4900:
4816:
4622:
4594:
4498:
4470:
4378:{\displaystyle h}
4358:{\displaystyle k}
4166:
4151:
4059:
3969:
3678:N. Gregory Mankiw
3627:
3609:
3603:
3557:{\displaystyle r}
3529:
3402:{\displaystyle A}
3374:
3314:
3238:{\displaystyle t}
3175:
3148:
3041:
2990:{\displaystyle Y}
2931:
2765:{\displaystyle K}
2706:
2518:{\displaystyle k}
2419:{\displaystyle s}
2263:
2237:{\displaystyle k}
2223:capital intensity
2184:
2110:{\displaystyle y}
2037:
2003:is shorthand for
1990:
1906:
1751:. Meanwhile, the
1550:{\displaystyle g}
1530:{\displaystyle n}
1396:{\displaystyle A}
1315:{\displaystyle t}
1182:{\displaystyle K}
1162:{\displaystyle L}
1123:capital deepening
981:capital intensity
932:Tjalling Koopmans
876:population growth
852:
851:
779:Political economy
734:N. Gregory Mankiw
724:Thomas J. Sargent
569:Market monetarism
383:Endogenous growth
213:National accounts
8770:
8763:Economics models
7949:Natural resource
7784:Economic history
7710:Mechanism design
7662:
7655:
7648:
7639:
7638:
7581:
7560:
7558:
7557:
7525:
7502:
7481:
7462:
7446:
7437:Fischer, Stanley
7428:
7419:
7394:Barro, Robert J.
7389:
7362:
7361:
7340:Barro, Robert J.
7336:
7330:
7329:
7308:Barro, Robert J.
7304:
7298:
7297:
7269:
7263:
7262:
7252:
7235:(5): 1023–1054.
7226:
7217:
7208:
7207:
7179:
7173:
7172:
7146:
7126:
7120:
7119:
7102:
7096:
7095:
7077:
7057:
7051:
7050:
7029:
7020:
7019:
6997:
6991:
6990:
6988:
6962:
6953:
6947:
6946:
6937:(5): 1072–1085.
6926:
6920:
6919:
6901:
6895:
6894:
6859:Hoover, Kevin D.
6854:
6848:
6847:
6819:
6813:
6812:
6784:
6775:
6774:
6764:
6755:(583): 350–377.
6740:
6734:
6733:
6711:
6684:
6675:
6674:
6654:
6645:
6641:
6612:Solow, Robert M.
6608:
6602:
6596:, before 2022):
6585:
6579:
6561:
6555:
6554:
6531:
6522:
6518:
6508:
6475:Solow, Robert M.
6471:
6460:
6459:
6443:
6433:
6417:
6415:
6413:
6412:
6407:
6405:
6404:
6364:
6362:
6361:
6356:
6282:
6280:
6254:
6240:
6232:
6230:
6204:
6190:
6182:
6180:
6154:
6140:
6132:
6130:
6104:
6090:
6073:
6072:
6064:
6054:
6052:
6051:
6046:
6034:
6032:
6031:
6026:
6014:
6012:
6011:
6006:
6004:
6002:
5988:
5978:
5977:
5969:
5965:
5956:
5954:
5953:
5948:
5946:
5944:
5930:
5920:
5919:
5911:
5907:
5898:
5896:
5895:
5890:
5842:
5841:
5833:
5823:
5821:
5820:
5815:
5813:
5811:
5797:
5787:
5786:
5778:
5774:
5772:
5770:
5744:
5730:
5725:
5723:
5709:
5699:
5698:
5690:
5686:
5684:
5682:
5656:
5642:
5637:
5635:
5609:
5599:
5598:
5590:
5586:
5569:
5568:
5560:
5533:
5532:
5524:
5506:
5504:
5503:
5502:
5465:
5451:
5446:
5444:
5418:
5408:
5407:
5399:
5395:
5381:
5380:
5372:
5361:
5355:
5354:
5352:
5351:
5346:
5344:
5343:
5322:
5320:
5319:
5318:
5281:
5280:
5279:
5260:
5255:
5253:
5227:
5226:
5225:
5183:
5182:
5163:
5158:
5156:
5130:
5116:
5091:
5085:
5084:
5059:
5034:
4981:internally, and
4911:
4909:
4908:
4903:
4901:
4899:
4898:
4897:
4879:
4867:
4866:
4865:
4853:
4842:
4841:
4822:
4817:
4815:
4807:
4799:
4766:
4764:
4763:
4758:
4756:
4743:
4741:
4740:
4735:
4733:
4713:
4711:
4710:
4705:
4703:
4702:
4693:
4692:
4680:
4679:
4670:
4669:
4654:
4653:
4634:
4632:
4631:
4626:
4624:
4623:
4621:
4601:
4599:
4595:
4593:
4576:
4574:
4563:
4553:
4548:
4538:
4528:
4527:
4510:
4508:
4507:
4502:
4500:
4499:
4497:
4477:
4475:
4471:
4469:
4452:
4450:
4445:
4435:
4424:
4414:
4404:
4403:
4384:
4382:
4381:
4376:
4364:
4362:
4361:
4356:
4344:
4342:
4341:
4336:
4301:
4300:
4291:
4290:
4281:
4280:
4264:
4262:
4261:
4256:
4221:
4220:
4211:
4210:
4201:
4200:
4184:
4182:
4181:
4176:
4168:
4167:
4159:
4153:
4152:
4144:
4131:
4129:
4128:
4123:
4094:
4093:
4084:
4083:
4074:
4073:
4061:
4060:
4052:
4041:
4039:
4038:
4033:
4004:
4003:
3994:
3993:
3984:
3983:
3971:
3970:
3962:
3949:
3947:
3946:
3941:
3939:
3938:
3926:
3925:
3903:
3901:
3900:
3895:
3871:
3869:
3868:
3863:
3851:
3849:
3848:
3843:
3819:
3817:
3816:
3811:
3806:
3805:
3757:
3756:
3738:
3737:
3662:
3660:
3659:
3654:
3639:
3637:
3636:
3631:
3628:
3623:
3615:
3610:
3605:
3604:
3602:
3594:
3586:
3580:
3563:
3561:
3560:
3555:
3540:
3538:
3537:
3532:
3530:
3528:
3520:
3512:
3493:
3491:
3490:
3485:
3480:
3465:
3463:
3462:
3457:
3452:
3436:
3434:
3433:
3428:
3423:
3408:
3406:
3405:
3400:
3389:If productivity
3385:
3383:
3382:
3377:
3375:
3373:
3372:
3371:
3353:
3341:
3340:
3339:
3320:
3315:
3313:
3305:
3297:
3273:
3271:
3270:
3265:
3244:
3242:
3241:
3236:
3224:
3222:
3221:
3216:
3208:
3186:
3184:
3183:
3178:
3176:
3174:
3154:
3149:
3147:
3133:
3119:
3107:
3105:
3104:
3099:
3097:
3096:
3080:
3078:
3077:
3072:
3070:
3069:
3042:
3040:
3026:
3012:
2996:
2994:
2993:
2988:
2973:
2971:
2970:
2965:
2962:
2961:
2945:
2936:
2932:
2930:
2910:
2900:
2899:
2880:
2878:
2877:
2872:
2870:
2869:
2853:
2851:
2850:
2845:
2843:
2842:
2826:
2824:
2823:
2818:
2794:
2792:
2791:
2786:
2771:
2769:
2768:
2763:
2748:
2746:
2745:
2740:
2737:
2736:
2720:
2711:
2707:
2705:
2685:
2675:
2674:
2655:
2653:
2652:
2647:
2609:
2608:
2580:
2578:
2577:
2572:
2570:
2569:
2553:
2551:
2550:
2545:
2524:
2522:
2521:
2516:
2504:
2502:
2501:
2496:
2454:
2452:
2451:
2446:
2425:
2423:
2422:
2417:
2405:
2403:
2402:
2397:
2377:
2376:
2349:The first term,
2345:
2343:
2342:
2337:
2299:
2298:
2265:
2264:
2256:
2243:
2241:
2240:
2235:
2217:
2215:
2214:
2209:
2207:
2206:
2185:
2183:
2157:
2143:
2116:
2114:
2113:
2108:
2092:returns to scale
2089:
2087:
2086:
2081:
2048:
2046:
2045:
2040:
2038:
2036:
2028:
2011:
2002:
2000:
1999:
1994:
1992:
1991:
1983:
1970:
1968:
1967:
1962:
1908:
1907:
1899:
1878:
1876:
1875:
1870:
1842:
1840:
1839:
1834:
1810:
1808:
1807:
1802:
1778:
1776:
1775:
1770:
1750:
1748:
1747:
1742:
1718:
1716:
1715:
1710:
1674:
1672:
1671:
1666:
1664:
1663:
1616:
1614:
1613:
1608:
1606:
1605:
1557:, respectively:
1556:
1554:
1553:
1548:
1536:
1534:
1533:
1528:
1516:
1514:
1513:
1508:
1487:
1485:
1484:
1479:
1458:
1456:
1455:
1450:
1429:
1427:
1426:
1421:
1402:
1400:
1399:
1394:
1382:
1380:
1379:
1374:
1353:
1351:
1350:
1345:
1321:
1319:
1318:
1313:
1298:
1296:
1295:
1290:
1287:
1286:
1244:
1243:
1195:Inada conditions
1188:
1186:
1185:
1180:
1168:
1166:
1165:
1160:
914:nonlinear system
856:Solow–Swan model
844:
837:
830:
814:
813:
804:Money portal
802:
801:
800:
714:William Nordhaus
699:Robert Lucas Jr.
589:François Quesnay
225:Nominal rigidity
196:Demand for money
174:Microfoundations
110:Financial crisis
90:Effective demand
60:Aggregate supply
55:Aggregate demand
42:
19:
18:
8778:
8777:
8773:
8772:
8771:
8769:
8768:
8767:
8758:Economic growth
8748:
8747:
8746:
8741:
8738:Business portal
8705:
8704:
8703:
8663:
8427:von Böhm-Bawerk
8315:
8314:
8305:
8077:Ancient thought
8055:
8054:
8048:
8039:
8038:
8037:
7788:
7753:
7705:Contract theory
7690:Decision theory
7671:
7666:
7595:
7578:
7555:
7553:
7541:(Supplement 1,
7522:
7499:
7478:
7459:
7416:
7406:Economic Growth
7386:
7370:
7368:Further reading
7365:
7358:
7348:Economic Growth
7337:
7333:
7326:
7316:Economic Growth
7305:
7301:
7270:
7266:
7224:
7218:
7211:
7204:
7180:
7176:
7153:10.2307/2118477
7144:10.1.1.335.6159
7127:
7123:
7103:
7099:
7075:10.1.1.706.3505
7058:
7054:
7047:
7030:
7023:
6998:
6994:
6960:
6954:
6950:
6927:
6923:
6916:
6902:
6898:
6855:
6851:
6836:10.2307/2225181
6820:
6816:
6785:
6778:
6741:
6737:
6685:
6678:
6655:
6648:
6630:10.2307/1926047
6609:
6605:
6586:
6582:
6562:
6558:
6539:Economic Record
6535:Swan, Trevor W.
6532:
6525:
6497:10.2307/1884513
6472:
6463:
6456:
6434:
6430:
6426:
6421:
6420:
6400:
6396:
6370:
6367:
6366:
6255:
6241:
6239:
6205:
6191:
6189:
6155:
6141:
6139:
6105:
6091:
6089:
6063:
6062:
6060:
6057:
6056:
6040:
6037:
6036:
6020:
6017:
6016:
5989:
5968:
5967:
5966:
5964:
5962:
5959:
5958:
5931:
5910:
5909:
5908:
5906:
5904:
5901:
5900:
5832:
5831:
5829:
5826:
5825:
5798:
5777:
5776:
5775:
5773:
5745:
5731:
5729:
5710:
5689:
5688:
5687:
5685:
5657:
5643:
5641:
5610:
5589:
5588:
5587:
5585:
5559:
5558:
5523:
5522:
5498:
5494:
5466:
5452:
5450:
5419:
5398:
5397:
5396:
5394:
5371:
5370:
5368:
5365:
5364:
5362:
5358:
5339:
5335:
5314:
5310:
5282:
5275:
5271:
5261:
5259:
5228:
5215:
5211:
5178:
5174:
5164:
5162:
5131:
5117:
5115:
5098:
5095:
5094:
5092:
5088:
5081:
5035:
5031:
5026:
5013:Economic growth
5009:
4934:
4922:
4887:
4883:
4875:
4868:
4861:
4857:
4849:
4831:
4827:
4823:
4821:
4808:
4800:
4798:
4784:
4781:
4780:
4773:
4752:
4750:
4747:
4746:
4729:
4727:
4724:
4723:
4720:
4698:
4694:
4688:
4684:
4675:
4671:
4665:
4661:
4649:
4645:
4643:
4640:
4639:
4605:
4600:
4577:
4564:
4559:
4549:
4544:
4539:
4537:
4533:
4532:
4523:
4519:
4517:
4514:
4513:
4481:
4476:
4453:
4446:
4441:
4425:
4420:
4415:
4413:
4409:
4408:
4399:
4395:
4393:
4390:
4389:
4370:
4367:
4366:
4350:
4347:
4346:
4296:
4292:
4286:
4282:
4276:
4272:
4270:
4267:
4266:
4216:
4212:
4206:
4202:
4196:
4192:
4190:
4187:
4186:
4158:
4157:
4143:
4142:
4140:
4137:
4136:
4089:
4085:
4079:
4075:
4069:
4065:
4051:
4050:
4048:
4045:
4044:
3999:
3995:
3989:
3985:
3979:
3975:
3961:
3960:
3958:
3955:
3954:
3934:
3930:
3921:
3917:
3909:
3906:
3905:
3877:
3874:
3873:
3857:
3854:
3853:
3828:
3825:
3824:
3789:
3785:
3752:
3748:
3733:
3729:
3703:
3700:
3699:
3674:
3669:
3648:
3645:
3644:
3616:
3614:
3595:
3587:
3585:
3581:
3579:
3571:
3568:
3567:
3549:
3546:
3545:
3521:
3513:
3511:
3509:
3506:
3505:
3476:
3471:
3468:
3467:
3448:
3443:
3440:
3439:
3419:
3414:
3411:
3410:
3394:
3391:
3390:
3361:
3357:
3349:
3342:
3329:
3325:
3321:
3319:
3306:
3298:
3296:
3282:
3279:
3278:
3250:
3247:
3246:
3230:
3227:
3226:
3204:
3202:
3199:
3198:
3158:
3153:
3134:
3120:
3118:
3116:
3113:
3112:
3092:
3088:
3086:
3083:
3082:
3059:
3055:
3027:
3013:
3011:
3009:
3006:
3005:
2982:
2979:
2978:
2941:
2937:
2914:
2909:
2905:
2904:
2895:
2891:
2889:
2886:
2885:
2865:
2861:
2859:
2856:
2855:
2838:
2834:
2832:
2829:
2828:
2800:
2797:
2796:
2777:
2774:
2773:
2757:
2754:
2753:
2716:
2712:
2689:
2684:
2680:
2679:
2670:
2666:
2664:
2661:
2660:
2604:
2600:
2586:
2583:
2582:
2565:
2561:
2559:
2556:
2555:
2530:
2527:
2526:
2510:
2507:
2506:
2460:
2457:
2456:
2431:
2428:
2427:
2411:
2408:
2407:
2372:
2368:
2354:
2351:
2350:
2294:
2290:
2255:
2254:
2252:
2249:
2248:
2229:
2226:
2225:
2202:
2198:
2158:
2144:
2142:
2125:
2122:
2121:
2102:
2099:
2098:
2057:
2054:
2053:
2029:
2012:
2010:
2008:
2005:
2004:
1982:
1981:
1979:
1976:
1975:
1898:
1897:
1895:
1892:
1891:
1852:
1849:
1848:
1816:
1813:
1812:
1784:
1781:
1780:
1764:
1761:
1760:
1724:
1721:
1720:
1683:
1680:
1679:
1656:
1652:
1623:
1620:
1619:
1598:
1594:
1565:
1562:
1561:
1542:
1539:
1538:
1522:
1519:
1518:
1493:
1490:
1489:
1464:
1461:
1460:
1435:
1432:
1431:
1412:
1409:
1408:
1388:
1385:
1384:
1359:
1356:
1355:
1327:
1324:
1323:
1307:
1304:
1303:
1276:
1272:
1239:
1235:
1209:
1206:
1205:
1174:
1171:
1170:
1169:) and capital (
1154:
1151:
1150:
1139:continuous-time
1135:
1085:
1045:
1005:balanced growth
1001:
973:
952:
868:economic growth
848:
808:
798:
796:
789:
788:
747:
739:
738:
719:Joseph Stiglitz
679:Milton Friedman
659:Friedrich Hayek
584:
574:
573:
456:
446:
445:
416:
408:
407:
393:Mundell–Fleming
388:Matching theory
326:Keynesian cross
311:
303:
302:
273:
265:
264:
50:
17:
12:
11:
5:
8776:
8766:
8765:
8760:
8743:
8742:
8740:
8735:
8730:
8725:
8720:
8715:
8710:
8707:
8706:
8702:
8701:
8696:
8686:
8681:
8675:
8674:
8673:
8671:
8665:
8664:
8662:
8661:
8654:
8649:
8644:
8639:
8634:
8629:
8624:
8619:
8614:
8609:
8604:
8599:
8594:
8589:
8584:
8579:
8574:
8569:
8564:
8559:
8554:
8549:
8544:
8539:
8534:
8529:
8524:
8519:
8514:
8509:
8504:
8499:
8494:
8489:
8484:
8479:
8474:
8469:
8464:
8459:
8454:
8449:
8444:
8439:
8434:
8429:
8424:
8419:
8414:
8409:
8404:
8399:
8394:
8389:
8384:
8379:
8374:
8369:
8364:
8359:
8354:
8349:
8344:
8339:
8334:
8329:
8324:
8318:
8316:
8310:
8307:
8306:
8304:
8303:
8298:
8293:
8288:
8283:
8278:
8273:
8272:
8271:
8261:
8260:
8259:
8249:
8244:
8239:
8238:
8237:
8227:
8222:
8217:
8216:
8215:
8214:
8213:
8203:
8198:
8183:
8178:
8173:
8168:
8163:
8158:
8153:
8148:
8143:
8141:Disequilibrium
8138:
8133:
8128:
8123:
8118:
8117:
8116:
8106:
8101:
8096:
8091:
8090:
8089:
8079:
8074:
8069:
8064:
8058:
8056:
8044:
8041:
8040:
8036:
8035:
8030:
8025:
8020:
8015:
8010:
8005:
8000:
7995:
7990:
7981:
7976:
7971:
7966:
7961:
7956:
7954:Organizational
7951:
7946:
7941:
7936:
7931:
7926:
7921:
7916:
7911:
7906:
7901:
7896:
7891:
7886:
7881:
7876:
7871:
7866:
7861:
7856:
7851:
7846:
7841:
7836:
7831:
7826:
7821:
7816:
7811:
7806:
7800:
7799:
7798:
7796:
7790:
7789:
7787:
7786:
7781:
7776:
7775:
7774:
7763:
7761:
7755:
7754:
7752:
7751:
7746:
7741:
7740:
7739:
7729:
7724:
7719:
7717:Macroeconomics
7714:
7713:
7712:
7707:
7702:
7697:
7692:
7685:Microeconomics
7681:
7679:
7673:
7672:
7665:
7664:
7657:
7650:
7642:
7636:
7635:
7630:
7625:
7615:
7610:
7601:
7594:
7593:External links
7591:
7590:
7589:
7582:
7576:
7561:
7526:
7520:
7503:
7497:
7482:
7476:
7468:Macroeconomics
7463:
7457:
7443:Macroeconomics
7429:
7420:
7414:
7390:
7384:
7369:
7366:
7364:
7363:
7356:
7331:
7324:
7299:
7280:(2): 121–138.
7264:
7209:
7202:
7174:
7137:(2): 407–437.
7121:
7097:
7052:
7045:
7021:
7010:(3): 498–499.
6992:
6971:(3): 361–363.
6948:
6921:
6914:
6896:
6869:(4): 561–596.
6849:
6830:(193): 14–33.
6814:
6776:
6735:
6676:
6665:(2): 106–121.
6646:
6624:(3): 312–320.
6603:
6580:
6556:
6545:(2): 334–361.
6523:
6461:
6454:
6427:
6425:
6422:
6419:
6418:
6403:
6399:
6395:
6392:
6389:
6386:
6383:
6380:
6377:
6374:
6354:
6351:
6348:
6345:
6342:
6339:
6336:
6333:
6330:
6327:
6324:
6321:
6318:
6315:
6312:
6309:
6306:
6303:
6300:
6297:
6294:
6291:
6288:
6285:
6279:
6276:
6273:
6270:
6267:
6264:
6261:
6258:
6253:
6250:
6247:
6244:
6238:
6235:
6229:
6226:
6223:
6220:
6217:
6214:
6211:
6208:
6203:
6200:
6197:
6194:
6188:
6185:
6179:
6176:
6173:
6170:
6167:
6164:
6161:
6158:
6153:
6150:
6147:
6144:
6138:
6135:
6129:
6126:
6123:
6120:
6117:
6114:
6111:
6108:
6103:
6100:
6097:
6094:
6088:
6085:
6082:
6079:
6076:
6070:
6067:
6044:
6024:
6001:
5998:
5995:
5992:
5987:
5984:
5981:
5975:
5972:
5943:
5940:
5937:
5934:
5929:
5926:
5923:
5917:
5914:
5887:
5884:
5881:
5878:
5875:
5872:
5869:
5866:
5863:
5860:
5857:
5854:
5851:
5848:
5845:
5839:
5836:
5810:
5807:
5804:
5801:
5796:
5793:
5790:
5784:
5781:
5769:
5766:
5763:
5760:
5757:
5754:
5751:
5748:
5743:
5740:
5737:
5734:
5728:
5722:
5719:
5716:
5713:
5708:
5705:
5702:
5696:
5693:
5681:
5678:
5675:
5672:
5669:
5666:
5663:
5660:
5655:
5652:
5649:
5646:
5640:
5634:
5631:
5628:
5625:
5622:
5619:
5616:
5613:
5608:
5605:
5602:
5596:
5593:
5584:
5581:
5578:
5575:
5572:
5566:
5563:
5557:
5554:
5551:
5548:
5545:
5542:
5539:
5536:
5530:
5527:
5521:
5518:
5515:
5512:
5509:
5501:
5497:
5493:
5490:
5487:
5484:
5481:
5478:
5475:
5472:
5469:
5464:
5461:
5458:
5455:
5449:
5443:
5440:
5437:
5434:
5431:
5428:
5425:
5422:
5417:
5414:
5411:
5405:
5402:
5393:
5390:
5387:
5384:
5378:
5375:
5356:
5342:
5338:
5334:
5331:
5328:
5325:
5317:
5313:
5309:
5306:
5303:
5300:
5297:
5294:
5291:
5288:
5285:
5278:
5274:
5270:
5267:
5264:
5258:
5252:
5249:
5246:
5243:
5240:
5237:
5234:
5231:
5224:
5221:
5218:
5214:
5210:
5207:
5204:
5201:
5198:
5195:
5192:
5189:
5186:
5181:
5177:
5173:
5170:
5167:
5161:
5155:
5152:
5149:
5146:
5143:
5140:
5137:
5134:
5129:
5126:
5123:
5120:
5114:
5111:
5108:
5105:
5102:
5086:
5079:
5028:
5027:
5025:
5022:
5021:
5020:
5015:
5008:
5005:
5001:Solow residual
4987:
4986:
4976:
4973:
4938:poor countries
4933:
4930:
4921:
4918:
4913:
4912:
4896:
4893:
4890:
4886:
4882:
4878:
4874:
4871:
4864:
4860:
4856:
4852:
4848:
4845:
4840:
4837:
4834:
4830:
4826:
4820:
4814:
4811:
4806:
4803:
4797:
4794:
4791:
4788:
4772:
4769:
4755:
4732:
4719:
4716:
4701:
4697:
4691:
4687:
4683:
4678:
4674:
4668:
4664:
4660:
4657:
4652:
4648:
4636:
4635:
4620:
4617:
4614:
4611:
4608:
4604:
4598:
4592:
4589:
4586:
4583:
4580:
4573:
4570:
4567:
4562:
4558:
4552:
4547:
4543:
4536:
4531:
4526:
4522:
4511:
4496:
4493:
4490:
4487:
4484:
4480:
4474:
4468:
4465:
4462:
4459:
4456:
4449:
4444:
4440:
4434:
4431:
4428:
4423:
4419:
4412:
4407:
4402:
4398:
4374:
4354:
4334:
4331:
4328:
4325:
4322:
4319:
4316:
4313:
4310:
4307:
4304:
4299:
4295:
4289:
4285:
4279:
4275:
4254:
4251:
4248:
4245:
4242:
4239:
4236:
4233:
4230:
4227:
4224:
4219:
4215:
4209:
4205:
4199:
4195:
4185:, which means
4174:
4171:
4165:
4162:
4156:
4150:
4147:
4133:
4132:
4121:
4118:
4115:
4112:
4109:
4106:
4103:
4100:
4097:
4092:
4088:
4082:
4078:
4072:
4068:
4064:
4058:
4055:
4042:
4031:
4028:
4025:
4022:
4019:
4016:
4013:
4010:
4007:
4002:
3998:
3992:
3988:
3982:
3978:
3974:
3968:
3965:
3937:
3933:
3929:
3924:
3920:
3916:
3913:
3893:
3890:
3887:
3884:
3881:
3861:
3841:
3838:
3835:
3832:
3821:
3820:
3809:
3804:
3801:
3798:
3795:
3792:
3788:
3784:
3781:
3778:
3775:
3772:
3769:
3766:
3763:
3760:
3755:
3751:
3747:
3744:
3741:
3736:
3732:
3728:
3725:
3722:
3719:
3716:
3713:
3710:
3707:
3673:
3670:
3668:
3665:
3652:
3641:
3640:
3626:
3622:
3619:
3613:
3608:
3601:
3598:
3593:
3590:
3584:
3578:
3575:
3553:
3543:rate of return
3527:
3524:
3519:
3516:
3483:
3479:
3475:
3455:
3451:
3447:
3426:
3422:
3418:
3398:
3387:
3386:
3370:
3367:
3364:
3360:
3356:
3352:
3348:
3345:
3338:
3335:
3332:
3328:
3324:
3318:
3312:
3309:
3304:
3301:
3295:
3292:
3289:
3286:
3263:
3260:
3257:
3254:
3234:
3225:, at any time
3214:
3211:
3207:
3188:
3187:
3173:
3170:
3167:
3164:
3161:
3157:
3152:
3146:
3143:
3140:
3137:
3132:
3129:
3126:
3123:
3095:
3091:
3068:
3065:
3062:
3058:
3054:
3051:
3048:
3045:
3039:
3036:
3033:
3030:
3025:
3022:
3019:
3016:
2986:
2975:
2974:
2960:
2957:
2954:
2951:
2948:
2944:
2940:
2935:
2929:
2926:
2923:
2920:
2917:
2913:
2908:
2903:
2898:
2894:
2868:
2864:
2841:
2837:
2816:
2813:
2810:
2807:
2804:
2784:
2781:
2761:
2750:
2749:
2735:
2732:
2729:
2726:
2723:
2719:
2715:
2710:
2704:
2701:
2698:
2695:
2692:
2688:
2683:
2678:
2673:
2669:
2645:
2642:
2639:
2636:
2633:
2630:
2627:
2624:
2621:
2618:
2615:
2612:
2607:
2603:
2599:
2596:
2593:
2590:
2568:
2564:
2543:
2540:
2537:
2534:
2514:
2494:
2491:
2488:
2485:
2482:
2479:
2476:
2473:
2470:
2467:
2464:
2444:
2441:
2438:
2435:
2415:
2395:
2392:
2389:
2386:
2383:
2380:
2375:
2371:
2367:
2364:
2361:
2358:
2347:
2346:
2335:
2332:
2329:
2326:
2323:
2320:
2317:
2314:
2311:
2308:
2305:
2302:
2297:
2293:
2289:
2286:
2283:
2280:
2277:
2274:
2271:
2268:
2262:
2259:
2233:
2219:
2218:
2205:
2201:
2197:
2194:
2191:
2188:
2182:
2179:
2176:
2173:
2170:
2167:
2164:
2161:
2156:
2153:
2150:
2147:
2141:
2138:
2135:
2132:
2129:
2106:
2079:
2076:
2073:
2070:
2067:
2064:
2061:
2035:
2032:
2027:
2024:
2021:
2018:
2015:
1989:
1986:
1972:
1971:
1959:
1956:
1953:
1950:
1947:
1944:
1941:
1938:
1935:
1932:
1929:
1926:
1923:
1920:
1917:
1914:
1911:
1905:
1902:
1868:
1865:
1862:
1859:
1856:
1832:
1829:
1826:
1823:
1820:
1800:
1797:
1794:
1791:
1788:
1768:
1740:
1737:
1734:
1731:
1728:
1708:
1705:
1702:
1699:
1696:
1693:
1690:
1687:
1676:
1675:
1662:
1659:
1655:
1651:
1648:
1645:
1642:
1639:
1636:
1633:
1630:
1627:
1617:
1604:
1601:
1597:
1593:
1590:
1587:
1584:
1581:
1578:
1575:
1572:
1569:
1546:
1526:
1506:
1503:
1500:
1497:
1477:
1474:
1471:
1468:
1448:
1445:
1442:
1439:
1419:
1416:
1392:
1372:
1369:
1366:
1363:
1343:
1340:
1337:
1334:
1331:
1322:denotes time,
1311:
1300:
1299:
1285:
1282:
1279:
1275:
1271:
1268:
1265:
1262:
1259:
1256:
1253:
1250:
1247:
1242:
1238:
1234:
1231:
1228:
1225:
1222:
1219:
1216:
1213:
1178:
1158:
1134:
1131:
1127:Solow residual
1118:
1117:
1107:
1089:Solow residual
1084:
1081:
1080:
1079:
1068:
1060:
1056:
1044:
1041:
1028:
1027:
1024:
1021:Lucas' paradox
1017:
1000:
997:
972:
969:
951:
948:
936:Frank Ramsey's
892:microeconomics
864:economic model
850:
849:
847:
846:
839:
832:
824:
821:
820:
819:
818:
806:
791:
790:
787:
786:
781:
776:
774:Microeconomics
771:
770:
769:
759:
754:
748:
745:
744:
741:
740:
737:
736:
731:
726:
721:
716:
711:
706:
701:
696:
691:
689:Lawrence Klein
686:
684:Paul Samuelson
681:
676:
671:
666:
661:
656:
651:
646:
641:
639:Michał Kalecki
636:
631:
626:
621:
616:
611:
606:
601:
596:
591:
585:
580:
579:
576:
575:
572:
571:
566:
561:
559:Disequilibrium
556:
555:
554:
547:Post-Keynesian
544:
539:
538:
537:
527:
516:
515:
510:
505:
500:
495:
494:
493:
483:
478:
477:
476:
471:
457:
452:
451:
448:
447:
444:
443:
438:
433:
428:
423:
417:
415:Related fields
414:
413:
410:
409:
406:
405:
400:
395:
390:
385:
380:
379:
378:
368:
363:
358:
353:
348:
343:
341:Phillips curve
338:
333:
328:
323:
318:
312:
309:
308:
305:
304:
301:
300:
295:
290:
285:
280:
274:
271:
270:
267:
266:
263:
262:
257:
252:
247:
242:
237:
232:
227:
222:
221:
220:
210:
205:
204:
203:
193:
191:Money creation
188:
187:
186:
176:
171:
170:
169:
164:
159:
149:
147:Liquidity trap
144:
139:
134:
133:
132:
127:
117:
112:
107:
106:
105:
100:
92:
87:
82:
77:
72:
67:
65:Business cycle
62:
57:
51:
49:Basic concepts
48:
47:
44:
43:
35:
34:
32:Macroeconomics
28:
27:
15:
9:
6:
4:
3:
2:
8775:
8764:
8761:
8759:
8756:
8755:
8753:
8739:
8736:
8734:
8731:
8729:
8726:
8724:
8721:
8719:
8716:
8714:
8711:
8708:
8700:
8697:
8694:
8690:
8687:
8685:
8682:
8680:
8677:
8676:
8672:
8670:
8666:
8660:
8659:
8655:
8653:
8650:
8648:
8645:
8643:
8640:
8638:
8635:
8633:
8630:
8628:
8625:
8623:
8620:
8618:
8615:
8613:
8610:
8608:
8605:
8603:
8600:
8598:
8595:
8593:
8590:
8588:
8585:
8583:
8580:
8578:
8575:
8573:
8570:
8568:
8565:
8563:
8560:
8558:
8555:
8553:
8550:
8548:
8545:
8543:
8540:
8538:
8535:
8533:
8530:
8528:
8525:
8523:
8520:
8518:
8515:
8513:
8510:
8508:
8505:
8503:
8500:
8498:
8495:
8493:
8490:
8488:
8485:
8483:
8480:
8478:
8475:
8473:
8470:
8468:
8465:
8463:
8460:
8458:
8455:
8453:
8450:
8448:
8445:
8443:
8440:
8438:
8435:
8433:
8430:
8428:
8425:
8423:
8420:
8418:
8415:
8413:
8410:
8408:
8405:
8403:
8400:
8398:
8395:
8393:
8390:
8388:
8385:
8383:
8380:
8378:
8375:
8373:
8370:
8368:
8365:
8363:
8360:
8358:
8355:
8353:
8350:
8348:
8345:
8343:
8340:
8338:
8335:
8333:
8330:
8328:
8325:
8323:
8322:de Mandeville
8320:
8319:
8317:
8313:
8308:
8302:
8299:
8297:
8294:
8292:
8289:
8287:
8284:
8282:
8279:
8277:
8274:
8270:
8267:
8266:
8265:
8264:New classical
8262:
8258:
8255:
8254:
8253:
8250:
8248:
8245:
8243:
8240:
8236:
8233:
8232:
8231:
8228:
8226:
8223:
8221:
8220:Malthusianism
8218:
8212:
8209:
8208:
8207:
8204:
8202:
8199:
8196:
8192:
8189:
8188:
8187:
8184:
8182:
8181:Institutional
8179:
8177:
8174:
8172:
8169:
8167:
8164:
8162:
8159:
8157:
8154:
8152:
8149:
8147:
8144:
8142:
8139:
8137:
8134:
8132:
8129:
8127:
8124:
8122:
8119:
8115:
8112:
8111:
8110:
8107:
8105:
8102:
8100:
8097:
8095:
8092:
8088:
8085:
8084:
8083:
8080:
8078:
8075:
8073:
8070:
8068:
8065:
8063:
8060:
8059:
8057:
8052:
8047:
8042:
8034:
8031:
8029:
8026:
8024:
8021:
8019:
8016:
8014:
8011:
8009:
8006:
8004:
8001:
7999:
7996:
7994:
7991:
7989:
7985:
7984:Public choice
7982:
7980:
7977:
7975:
7972:
7970:
7967:
7965:
7962:
7960:
7959:Participation
7957:
7955:
7952:
7950:
7947:
7945:
7942:
7940:
7937:
7935:
7932:
7930:
7927:
7925:
7922:
7920:
7919:Institutional
7917:
7915:
7912:
7910:
7907:
7905:
7902:
7900:
7897:
7895:
7892:
7890:
7887:
7885:
7882:
7880:
7877:
7875:
7872:
7870:
7869:Expeditionary
7867:
7865:
7862:
7860:
7859:Environmental
7857:
7855:
7852:
7850:
7847:
7845:
7842:
7840:
7837:
7835:
7832:
7830:
7827:
7825:
7822:
7820:
7817:
7815:
7812:
7810:
7807:
7805:
7802:
7801:
7797:
7795:
7791:
7785:
7782:
7780:
7777:
7773:
7770:
7769:
7768:
7765:
7764:
7762:
7760:
7756:
7750:
7747:
7745:
7742:
7738:
7735:
7734:
7733:
7730:
7728:
7725:
7723:
7720:
7718:
7715:
7711:
7708:
7706:
7703:
7701:
7698:
7696:
7693:
7691:
7688:
7687:
7686:
7683:
7682:
7680:
7678:
7674:
7670:
7663:
7658:
7656:
7651:
7649:
7644:
7643:
7640:
7634:
7631:
7629:
7626:
7623:
7619:
7616:
7614:
7611:
7609:
7605:
7602:
7600:
7597:
7596:
7587:
7583:
7579:
7573:
7569:
7568:
7562:
7552:
7548:
7544:
7540:
7536:
7532:
7527:
7523:
7517:
7513:
7509:
7504:
7500:
7494:
7490:
7489:
7483:
7479:
7473:
7469:
7464:
7460:
7454:
7450:
7445:
7444:
7438:
7434:
7430:
7426:
7421:
7417:
7411:
7407:
7403:
7399:
7395:
7391:
7387:
7381:
7377:
7372:
7371:
7359:
7353:
7349:
7345:
7341:
7335:
7327:
7321:
7317:
7313:
7309:
7303:
7295:
7291:
7287:
7283:
7279:
7275:
7268:
7260:
7256:
7251:
7246:
7242:
7238:
7234:
7230:
7223:
7216:
7214:
7205:
7199:
7195:
7191:
7190:
7185:
7178:
7170:
7166:
7162:
7158:
7154:
7150:
7145:
7140:
7136:
7132:
7125:
7117:
7113:
7112:
7107:
7106:Lucas, Robert
7101:
7093:
7089:
7085:
7081:
7076:
7071:
7068:(2): 535–68.
7067:
7063:
7056:
7048:
7042:
7038:
7034:
7028:
7026:
7017:
7013:
7009:
7005:
7004:
6996:
6987:
6982:
6978:
6974:
6970:
6966:
6959:
6952:
6944:
6940:
6936:
6932:
6925:
6917:
6915:9780072877304
6911:
6907:
6900:
6892:
6888:
6884:
6880:
6876:
6872:
6868:
6864:
6860:
6853:
6845:
6841:
6837:
6833:
6829:
6825:
6818:
6810:
6806:
6802:
6798:
6794:
6790:
6783:
6781:
6772:
6768:
6763:
6758:
6754:
6750:
6746:
6745:"Harrod 1939"
6739:
6731:
6727:
6723:
6719:
6715:
6710:
6705:
6701:
6697:
6693:
6689:
6683:
6681:
6672:
6668:
6664:
6660:
6653:
6651:
6644:
6639:
6635:
6631:
6627:
6623:
6619:
6618:
6613:
6607:
6601:
6599:
6595:
6590:
6584:
6577:
6573:
6571:
6567:
6560:
6552:
6548:
6544:
6540:
6536:
6530:
6528:
6521:
6516:
6512:
6507:
6502:
6498:
6494:
6490:
6486:
6485:
6480:
6476:
6470:
6468:
6466:
6457:
6451:
6447:
6442:
6441:
6432:
6428:
6401:
6393:
6387:
6384:
6378:
6372:
6349:
6343:
6340:
6337:
6331:
6325:
6322:
6319:
6313:
6307:
6304:
6301:
6295:
6289:
6286:
6283:
6274:
6268:
6262:
6256:
6248:
6242:
6236:
6233:
6224:
6218:
6212:
6206:
6198:
6192:
6186:
6183:
6174:
6168:
6162:
6156:
6148:
6142:
6136:
6133:
6124:
6118:
6112:
6106:
6098:
6092:
6086:
6083:
6077:
6068:
6065:
6042:
6022:
5996:
5990:
5982:
5973:
5970:
5938:
5932:
5924:
5915:
5912:
5882:
5876:
5873:
5870:
5864:
5858:
5855:
5852:
5846:
5837:
5834:
5805:
5799:
5791:
5782:
5779:
5764:
5758:
5752:
5746:
5738:
5732:
5726:
5717:
5711:
5703:
5694:
5691:
5676:
5670:
5664:
5658:
5650:
5644:
5638:
5629:
5623:
5617:
5611:
5603:
5594:
5591:
5582:
5573:
5564:
5561:
5552:
5546:
5543:
5537:
5528:
5525:
5516:
5510:
5499:
5488:
5482:
5476:
5470:
5459:
5453:
5447:
5438:
5432:
5426:
5420:
5412:
5403:
5400:
5391:
5385:
5376:
5373:
5360:
5340:
5332:
5326:
5323:
5315:
5304:
5298:
5292:
5286:
5276:
5268:
5262:
5256:
5247:
5241:
5235:
5229:
5222:
5219:
5216:
5205:
5199:
5193:
5187:
5179:
5171:
5165:
5159:
5150:
5144:
5138:
5132:
5124:
5118:
5112:
5106:
5100:
5090:
5082:
5076:
5072:
5068:
5064:
5058:
5054:
5050:
5046:
5045:
5040:
5039:Tinbergen, J.
5033:
5029:
5019:
5016:
5014:
5011:
5010:
5004:
5002:
4998:
4994:
4990:
4984:
4980:
4977:
4974:
4971:
4968:
4967:
4966:
4964:
4958:
4956:
4950:
4947:
4943:
4940:will tend to
4939:
4929:
4927:
4917:
4894:
4891:
4888:
4880:
4876:
4872:
4862:
4854:
4850:
4846:
4838:
4835:
4832:
4828:
4824:
4818:
4812:
4804:
4795:
4792:
4789:
4786:
4779:
4778:
4777:
4768:
4753:
4730:
4715:
4699:
4689:
4685:
4676:
4666:
4662:
4655:
4650:
4646:
4618:
4615:
4612:
4609:
4606:
4602:
4596:
4590:
4587:
4584:
4581:
4578:
4571:
4568:
4565:
4560:
4556:
4550:
4545:
4541:
4534:
4529:
4524:
4520:
4512:
4494:
4491:
4488:
4485:
4482:
4478:
4472:
4466:
4463:
4460:
4457:
4454:
4447:
4442:
4438:
4432:
4429:
4426:
4421:
4417:
4410:
4405:
4400:
4396:
4388:
4387:
4386:
4372:
4352:
4332:
4329:
4326:
4320:
4317:
4314:
4311:
4308:
4302:
4297:
4293:
4287:
4283:
4277:
4273:
4252:
4249:
4246:
4240:
4237:
4234:
4231:
4228:
4222:
4217:
4213:
4207:
4203:
4197:
4193:
4172:
4169:
4163:
4160:
4154:
4148:
4145:
4119:
4113:
4110:
4107:
4104:
4101:
4095:
4090:
4086:
4080:
4076:
4070:
4066:
4062:
4056:
4053:
4043:
4029:
4023:
4020:
4017:
4014:
4011:
4005:
4000:
3996:
3990:
3986:
3980:
3976:
3972:
3966:
3963:
3953:
3952:
3951:
3935:
3931:
3927:
3922:
3918:
3914:
3911:
3888:
3882:
3879:
3859:
3836:
3830:
3807:
3802:
3799:
3796:
3793:
3790:
3779:
3773:
3767:
3761:
3753:
3745:
3739:
3734:
3726:
3720:
3717:
3711:
3705:
3698:
3697:
3696:
3693:
3691:
3690:human capital
3687:
3686:David N. Weil
3683:
3679:
3664:
3650:
3624:
3620:
3617:
3611:
3606:
3599:
3591:
3582:
3576:
3573:
3566:
3565:
3564:
3551:
3544:
3525:
3517:
3504:
3499:
3495:
3481:
3477:
3473:
3453:
3449:
3445:
3424:
3420:
3416:
3396:
3368:
3365:
3362:
3354:
3350:
3346:
3336:
3333:
3330:
3326:
3322:
3316:
3310:
3302:
3293:
3290:
3287:
3284:
3277:
3276:
3275:
3258:
3252:
3232:
3212:
3209:
3205:
3195:
3193:
3171:
3168:
3165:
3162:
3159:
3155:
3150:
3141:
3135:
3127:
3121:
3111:
3110:
3109:
3093:
3089:
3066:
3063:
3060:
3052:
3046:
3043:
3034:
3028:
3020:
3014:
3002:
3000:
2984:
2955:
2952:
2949:
2942:
2938:
2933:
2927:
2924:
2921:
2918:
2915:
2911:
2906:
2901:
2896:
2892:
2884:
2883:
2882:
2866:
2862:
2839:
2835:
2811:
2808:
2805:
2782:
2779:
2759:
2730:
2727:
2724:
2717:
2713:
2708:
2702:
2699:
2696:
2693:
2690:
2686:
2681:
2676:
2671:
2667:
2659:
2658:
2657:
2640:
2634:
2628:
2625:
2622:
2619:
2616:
2610:
2605:
2597:
2591:
2588:
2581:, defined by
2566:
2562:
2538:
2532:
2512:
2489:
2483:
2477:
2474:
2471:
2468:
2465:
2439:
2433:
2413:
2390:
2384:
2381:
2378:
2373:
2365:
2359:
2356:
2330:
2324:
2318:
2315:
2312:
2309:
2306:
2300:
2295:
2287:
2281:
2278:
2275:
2269:
2260:
2257:
2247:
2246:
2245:
2231:
2224:
2203:
2195:
2189:
2186:
2177:
2171:
2165:
2159:
2151:
2145:
2139:
2133:
2127:
2120:
2119:
2118:
2104:
2097:
2093:
2090:has constant
2074:
2071:
2068:
2065:
2059:
2050:
2033:
2030:
2022:
2016:
2013:
1987:
1984:
1954:
1948:
1945:
1942:
1939:
1933:
1927:
1924:
1921:
1918:
1912:
1903:
1900:
1890:
1889:
1888:
1886:
1882:
1866:
1863:
1860:
1857:
1854:
1846:
1830:
1827:
1824:
1821:
1818:
1795:
1789:
1786:
1766:
1758:
1754:
1735:
1732:
1729:
1703:
1697:
1691:
1685:
1660:
1657:
1653:
1646:
1640:
1637:
1631:
1625:
1618:
1602:
1599:
1595:
1588:
1582:
1579:
1573:
1567:
1560:
1559:
1558:
1544:
1524:
1501:
1495:
1472:
1466:
1443:
1437:
1417:
1414:
1406:
1390:
1367:
1361:
1341:
1338:
1335:
1332:
1329:
1309:
1283:
1280:
1277:
1266:
1260:
1254:
1248:
1240:
1232:
1226:
1223:
1217:
1211:
1204:
1203:
1202:
1200:
1196:
1192:
1176:
1156:
1148:
1144:
1140:
1130:
1128:
1124:
1115:
1111:
1108:
1105:
1101:
1100:
1099:
1096:
1094:
1090:
1077:
1073:
1069:
1066:
1061:
1057:
1054:
1053:
1052:
1050:
1040:
1037:
1032:
1025:
1022:
1018:
1015:
1014:
1013:
1011:
1006:
996:
994:
990:
986:
982:
978:
968:
964:
962:
958:
947:
945:
941:
937:
933:
929:
925:
924:
919:
915:
910:
908:
905:
901:
897:
893:
889:
885:
881:
877:
873:
869:
865:
861:
857:
845:
840:
838:
833:
831:
826:
825:
823:
822:
817:
812:
807:
805:
795:
794:
793:
792:
785:
782:
780:
777:
775:
772:
768:
765:
764:
763:
760:
758:
755:
753:
750:
749:
743:
742:
735:
732:
730:
727:
725:
722:
720:
717:
715:
712:
710:
709:Peter Diamond
707:
705:
702:
700:
697:
695:
694:Edmund Phelps
692:
690:
687:
685:
682:
680:
677:
675:
672:
670:
669:Richard Stone
667:
665:
662:
660:
657:
655:
654:Joan Robinson
652:
650:
649:Simon Kuznets
647:
645:
644:Gunnar Myrdal
642:
640:
637:
635:
632:
630:
627:
625:
622:
620:
619:Irving Fisher
617:
615:
614:Knut Wicksell
612:
610:
607:
605:
602:
600:
597:
595:
592:
590:
587:
586:
583:
578:
577:
570:
567:
565:
562:
560:
557:
553:
550:
549:
548:
545:
543:
540:
536:
533:
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531:
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522:
521:
520:
514:
511:
509:
506:
504:
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499:
496:
492:
489:
488:
487:
486:New classical
484:
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479:
475:
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462:
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460:
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450:
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269:
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240:Shrinkflation
238:
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145:
143:
140:
138:
137:Interest rate
135:
131:
128:
126:
123:
122:
121:
118:
116:
113:
111:
108:
104:
101:
99:
96:
95:
94:Expectations
93:
91:
88:
86:
83:
81:
78:
76:
73:
71:
68:
66:
63:
61:
58:
56:
53:
52:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
8733:Publications
8689:Publications
8656:
8252:Neoclassical
8242:Mercantilism
8151:Evolutionary
8013:Sociological
7986: /
7884:Geographical
7864:Evolutionary
7839:Digitization
7804:Agricultural
7767:Econometrics
7695:Price theory
7566:
7554:. Retrieved
7545:): 229–251.
7542:
7538:
7534:
7511:
7487:
7467:
7442:
7424:
7405:
7375:
7347:
7334:
7315:
7302:
7277:
7273:
7267:
7232:
7228:
7188:
7177:
7134:
7130:
7124:
7115:
7109:
7100:
7065:
7061:
7055:
7036:
7033:Romer, David
7007:
7001:
6995:
6968:
6964:
6951:
6934:
6930:
6924:
6905:
6899:
6866:
6862:
6852:
6827:
6823:
6817:
6795:(1): 79–96.
6792:
6788:
6752:
6748:
6738:
6699:
6695:
6662:
6658:
6621:
6615:
6606:
6597:
6593:
6588:
6583:
6569:
6565:
6559:
6542:
6538:
6491:(1): 65–94.
6488:
6482:
6439:
6431:
5359:
5089:
5070:
5048:
5042:
5032:
4991:
4988:
4983:trade policy
4979:Free markets
4962:
4959:
4951:
4945:
4935:
4923:
4914:
4774:
4721:
4637:
4134:
3822:
3694:
3675:
3642:
3501:Because the
3500:
3496:
3388:
3196:
3189:
3003:
2976:
2751:
2348:
2220:
2095:
2051:
1973:
1677:
1301:
1136:
1129:", not ALP.
1119:
1113:
1103:
1097:
1086:
1076:productivity
1071:
1064:
1046:
1029:
1002:
989:Cobb–Douglas
974:
965:
953:
921:
911:
896:Robert Solow
888:Cobb–Douglas
880:productivity
866:of long-run
859:
855:
853:
729:Paul Krugman
674:Hyman Minsky
634:Alvin Hansen
518:
517:
458:
421:Econometrics
398:Overshooting
355:
351:Harrod–Domar
346:Arrow–Debreu
293:Central bank
260:Unemployment
250:Supply shock
208:Money supply
85:Disinflation
80:Demand shock
8527:von Neumann
8296:Supply-side
8281:Physiocracy
8225:Marginalism
7914:Information
7854:Engineering
7834:Development
7829:Demographic
7700:Game theory
7677:Theoretical
7118:(2): 92–96.
6572:(3):233-240
5063:Brems, Hans
5051:: 511–549.
4993:Econometric
3682:David Romer
3541:equals the
1757:depreciates
1755:of capital
1043:Assumptions
1010:convergence
940:saving rate
934:integrated
900:Trevor Swan
874:, labor or
609:Léon Walras
503:Supply-side
336:Accelerator
245:Stagflation
230:Price level
125:Demand-pull
8752:Categories
8684:Economists
8557:Schumacher
8462:Schumpeter
8432:von Wieser
8352:von Thünen
8312:Economists
8211:Circuitism
8176:Humanistic
8171:Historical
8146:Ecological
8136:Democratic
8109:Chartalism
8099:Behavioral
8062:Mainstream
8023:Statistics
8018:Solidarity
7939:Managerial
7904:Humanistic
7899:Historical
7844:Ecological
7809:Behavioral
7556:2017-11-29
6986:10438/1012
6726:7046600490
6424:References
1881:investment
950:Background
928:David Cass
923:per capita
664:John Hicks
594:Adam Smith
552:Circuitism
542:Ecological
530:Chartalism
481:Monetarism
459:Mainstream
356:Solow–Swan
331:Multiplier
288:Commercial
184:Endogenous
142:Investment
8602:Greenspan
8567:Samuelson
8547:Galbraith
8517:Tinbergen
8457:von Mises
8452:Heckscher
8412:Edgeworth
8291:Stockholm
8286:Socialist
8186:Keynesian
8166:Happiness
8126:Classical
8087:Mutualism
8082:Anarchist
8067:Heterodox
7964:Personnel
7924:Knowledge
7889:Happiness
7879:Financial
7849:Education
7824:Democracy
7759:Empirical
7669:Economics
7294:154380029
7259:154355849
7250:10784/578
7139:CiteSeerX
7070:CiteSeerX
6891:153351897
6883:0967-2567
6771:1468-0297
6718:2326-3652
6688:Eric Frey
6402:α
6338:−
6320:−
6305:δ
6302:−
6234:−
6184:−
6137:δ
6134:−
6069:˙
5974:˙
5916:˙
5874:δ
5871:−
5838:˙
5783:˙
5727:−
5695:˙
5639:−
5595:˙
5565:˙
5529:˙
5448:−
5404:˙
5377:˙
5341:α
5316:α
5277:α
5223:α
5220:−
5180:α
4970:Education
4895:α
4892:−
4863:β
4839:α
4836:−
4825:α
4810:∂
4802:∂
4754:β
4731:β
4700:β
4690:∗
4677:α
4667:∗
4651:∗
4619:β
4616:−
4613:α
4610:−
4591:δ
4572:α
4569:−
4551:α
4525:∗
4495:β
4492:−
4489:α
4486:−
4467:δ
4448:β
4433:β
4430:−
4401:∗
4321:δ
4303:−
4298:β
4288:α
4241:δ
4223:−
4218:β
4208:α
4164:˙
4149:˙
4114:δ
4096:−
4091:β
4081:α
4057:˙
4024:δ
4006:−
4001:β
3991:α
3967:˙
3860:δ
3803:β
3800:−
3797:α
3794:−
3754:β
3735:α
3676:In 1992,
3651:α
3597:∂
3589:∂
3574:α
3523:∂
3515:∂
3369:α
3366:−
3337:α
3334:−
3323:α
3308:∂
3300:∂
3206:α
3172:δ
3094:∗
3067:α
3064:−
2956:α
2953:−
2939:α
2928:δ
2897:∗
2867:∗
2840:∗
2731:α
2728:−
2703:δ
2672:∗
2629:δ
2606:α
2567:∗
2478:δ
2374:α
2319:δ
2301:−
2296:α
2261:˙
2204:α
1988:˙
1946:⋅
1943:δ
1940:−
1925:⋅
1904:˙
1864:−
1767:δ
1405:knowledge
1336:α
1284:α
1281:−
1241:α
1149:, labor (
1121:apparent
904:Keynesian
762:Economics
604:Karl Marx
519:Heterodox
498:Stockholm
464:Keynesian
235:Recession
130:Cost-push
120:Inflation
75:Deflation
8713:Category
8693:journals
8679:Glossary
8632:Stiglitz
8597:Rothbard
8577:Buchanan
8562:Friedman
8552:Koopmans
8542:Leontief
8522:Robinson
8407:Marshall
8257:Lausanne
8161:Georgism
8156:Feminist
8104:Buddhist
8094:Austrian
7993:Regional
7969:Planning
7944:Monetary
7874:Feminist
7819:Cultural
7814:Business
7400:(2004).
6809:23599721
6730:Archived
6690:(2017).
6592:Giri R (
6589:see also
5824:. Since
5065:(1986).
5057:40430851
5007:See also
4946:converge
4944:with or
4942:catch up
4385:yields:
3643:so that
3108:we have
1845:consumed
1407:”, thus
1189:) in an
1078:growth).
746:See also
525:Austrian
283:Monetary
272:Policies
103:Rational
98:Adaptive
24:a series
22:Part of
8728:Outline
8699:Schools
8691: (
8652:Piketty
8647:Krugman
8512:Kuznets
8502:Kalecki
8477:Polanyi
8367:Cournot
8362:Bastiat
8347:Ricardo
8337:Malthus
8327:Quesnay
8230:Marxian
8121:Chicago
8051:history
8046:Schools
8033:Welfare
8003:Service
7794:Applied
7169:1369978
7161:2118477
7092:9329404
6943:1816469
6844:2225181
6638:1926047
6594:undated
6515:1884513
767:Applied
564:Marxian
454:Schools
8637:Thaler
8617:Ostrom
8612:Becker
8607:Sowell
8587:Baumol
8492:Myrdal
8487:Sraffa
8482:Frisch
8472:Knight
8467:Keynes
8442:Fisher
8437:Veblen
8422:Pareto
8402:Menger
8397:George
8392:Jevons
8387:Walras
8377:Gossen
8301:Thermo
7979:Public
7974:Policy
7929:Labour
7894:Health
7574:
7518:
7495:
7474:
7455:
7412:
7382:
7354:
7322:
7292:
7257:
7200:
7194:73–114
7167:
7159:
7141:
7090:
7072:
7043:
6941:
6912:
6889:
6881:
6842:
6807:
6769:
6724:
6716:
6636:
6513:
6452:
5899:, and
5077:
5060:. See
5055:
4972:policy
3823:where
3684:, and
3197:Since
1974:where
1488:, and
1302:where
1036:DeLong
1031:Baumol
862:is an
582:People
310:Models
278:Fiscal
255:Saving
115:Growth
8723:Lists
8718:Index
8669:Lists
8642:Hoppe
8627:Lucas
8592:Solow
8582:Arrow
8572:Simon
8537:Lange
8532:Hicks
8507:Röpke
8497:Hayek
8447:Pigou
8417:Clark
8332:Smith
8247:Mixed
8206:Post-
8028:Urban
8008:Socio
7998:Rural
7451:–75.
7290:S2CID
7255:S2CID
7225:(PDF)
7165:S2CID
7157:JSTOR
7088:S2CID
6961:(PDF)
6939:JSTOR
6887:S2CID
6840:JSTOR
6805:JSTOR
6634:JSTOR
6576:jstor
6511:JSTOR
6448:–76.
5053:JSTOR
5024:Notes
4955:Japan
1843:) is
1811:with
1753:stock
403:NAIRU
321:AD–AS
316:IS–LM
179:Money
8658:more
8382:Marx
8372:Mill
8357:List
8235:Neo-
8191:Neo-
7572:ISBN
7516:ISBN
7493:ISBN
7472:ISBN
7453:ISBN
7410:ISBN
7380:ISBN
7352:ISBN
7320:ISBN
7198:ISBN
7041:ISBN
6910:ISBN
6879:ISSN
6767:ISSN
6722:OCLC
6714:ISSN
6643:Pdf.
6520:Pdf.
6450:ISBN
6035:and
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4365:and
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1879:for
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1143:good
930:and
898:and
854:The
469:Neo-
376:DSGE
70:CAGR
8622:Sen
8342:Say
8201:New
7934:Law
7606:by
7547:doi
7282:doi
7245:hdl
7237:doi
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7135:107
7080:doi
7066:122
7012:doi
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6973:doi
6871:doi
6832:doi
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6757:doi
6753:125
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6626:doi
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6501:hdl
6493:doi
1114:MFP
1104:ALP
858:or
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218:SNA
167:NNI
162:GNI
157:GDP
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4315:g
4312:+
4309:n
4306:(
4294:h
4284:k
4278:H
4274:s
4253:0
4250:=
4247:k
4244:)
4238:+
4235:g
4232:+
4229:n
4226:(
4214:h
4204:k
4198:K
4194:s
4173:0
4170:=
4161:h
4155:=
4146:k
4120:h
4117:)
4111:+
4108:g
4105:+
4102:n
4099:(
4087:h
4077:k
4071:H
4067:s
4063:=
4054:h
4030:k
4027:)
4021:+
4018:g
4015:+
4012:n
4009:(
3997:h
3987:k
3981:K
3977:s
3973:=
3964:k
3936:H
3932:s
3928:+
3923:K
3919:s
3915:=
3912:s
3892:)
3889:t
3886:(
3883:Y
3880:s
3840:)
3837:t
3834:(
3831:H
3808:,
3791:1
3787:)
3783:)
3780:t
3777:(
3774:L
3771:)
3768:t
3765:(
3762:A
3759:(
3750:)
3746:t
3743:(
3740:H
3731:)
3727:t
3724:(
3721:K
3718:=
3715:)
3712:t
3709:(
3706:Y
3625:Y
3621:K
3618:r
3612:=
3607:Y
3600:K
3592:Y
3583:K
3577:=
3552:r
3526:K
3518:Y
3482:L
3478:/
3474:Y
3454:L
3450:/
3446:K
3425:L
3421:/
3417:K
3397:A
3363:1
3359:)
3355:L
3351:/
3347:K
3344:(
3331:1
3327:A
3317:=
3311:K
3303:Y
3294:=
3291:K
3288:P
3285:M
3262:)
3259:t
3256:(
3253:K
3233:t
3213:1
3169:+
3166:g
3163:+
3160:n
3156:s
3151:=
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3142:t
3139:(
3136:Y
3131:)
3128:t
3125:(
3122:K
3090:k
3061:1
3057:)
3053:t
3050:(
3047:k
3044:=
3038:)
3035:t
3032:(
3029:Y
3024:)
3021:t
3018:(
3015:K
2985:Y
2959:)
2950:1
2947:(
2943:/
2934:)
2925:+
2922:g
2919:+
2916:n
2912:s
2907:(
2902:=
2893:y
2863:k
2836:y
2815:)
2812:g
2809:+
2806:n
2803:(
2783:L
2780:A
2760:K
2734:)
2725:1
2722:(
2718:/
2714:1
2709:)
2700:+
2697:g
2694:+
2691:n
2687:s
2682:(
2677:=
2668:k
2644:)
2641:t
2638:(
2635:k
2632:)
2626:+
2623:g
2620:+
2617:n
2614:(
2611:=
2602:)
2598:t
2595:(
2592:k
2589:s
2563:k
2542:)
2539:t
2536:(
2533:k
2513:k
2493:)
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2487:(
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2475:+
2472:g
2469:+
2466:n
2463:(
2443:)
2440:t
2437:(
2434:y
2414:s
2394:)
2391:t
2388:(
2385:y
2382:s
2379:=
2370:)
2366:t
2363:(
2360:k
2357:s
2334:)
2331:t
2328:(
2325:k
2322:)
2316:+
2313:g
2310:+
2307:n
2304:(
2292:)
2288:t
2285:(
2282:k
2279:s
2276:=
2273:)
2270:t
2267:(
2258:k
2232:k
2200:)
2196:t
2193:(
2190:k
2187:=
2181:)
2178:t
2175:(
2172:L
2169:)
2166:t
2163:(
2160:A
2155:)
2152:t
2149:(
2146:Y
2140:=
2137:)
2134:t
2131:(
2128:y
2105:y
2078:)
2075:L
2072:A
2069:,
2066:K
2063:(
2060:Y
2034:t
2031:d
2026:)
2023:t
2020:(
2017:K
2014:d
1985:K
1958:)
1955:t
1952:(
1949:K
1937:)
1934:t
1931:(
1928:Y
1922:s
1919:=
1916:)
1913:t
1910:(
1901:K
1867:c
1861:1
1858:=
1855:s
1831:1
1825:c
1819:0
1799:)
1796:t
1793:(
1790:Y
1787:c
1739:)
1736:g
1733:+
1730:n
1727:(
1707:)
1704:t
1701:(
1698:L
1695:)
1692:t
1689:(
1686:A
1661:t
1658:g
1654:e
1650:)
1647:0
1644:(
1641:A
1638:=
1635:)
1632:t
1629:(
1626:A
1603:t
1600:n
1596:e
1592:)
1589:0
1586:(
1583:L
1580:=
1577:)
1574:t
1571:(
1568:L
1545:g
1525:n
1505:)
1502:0
1499:(
1496:L
1476:)
1473:0
1470:(
1467:K
1447:)
1444:0
1441:(
1438:A
1418:L
1415:A
1391:A
1371:)
1368:t
1365:(
1362:Y
1342:1
1330:0
1310:t
1278:1
1274:)
1270:)
1267:t
1264:(
1261:L
1258:)
1255:t
1252:(
1249:A
1246:(
1237:)
1233:t
1230:(
1227:K
1224:=
1221:)
1218:t
1215:(
1212:Y
1177:K
1157:L
1112:(
1023:;
843:e
836:t
829:v
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