DYNAMIC MODELS OF ECONOMIC GROWTH: THE SOLOW GROWTH MODEL AND ENDOGENOUS GROWTH THEORY
DOI:
https://doi.org/10.55640/Keywords:
economic growth, Solow model, endogenous growth, human capital, innovation, technological progress, macroeconomicsAbstract
This article examines dynamic models of economic growth with a particular focus on the Solow Growth Model and Endogenous Growth Theory. The study provides a comprehensive theoretical analysis of the mechanisms that drive long-term economic growth, including capital accumulation, labor dynamics, technological progress, and human capital development. Special attention is given to the differences between exogenous and endogenous approaches to growth, highlighting their implications for economic policy and development strategies. The article also explores extended versions of growth models incorporating innovation, research and development, and knowledge spillovers.
References
1.Robert M. Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
2.Trevor W. Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334–361. https://doi.org/10.1111/j.1475-4932.1956.tb00434.x
3.Paul M. Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71–S102. https://doi.org/10.1086/261725
4.Robert E. Lucas Jr., R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42. https://doi.org/10.1016/0304-3932(88)90168-7
5.N. Gregory Mankiw, N. G., David Romer, D., & David N. Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407–437. https://doi.org/10.2307/2118477
6.Charles I. Jones, C. I. (1995). R&D-based models of economic growth. Journal of Political Economy, 103(4), 759–784. https://doi.org/10.1086/262002
7.Philippe Aghion, P., & Peter Howitt, P. (1992). A model of growth through creative destruction. Econometrica, 60(2), 323–351. https://doi.org/10.2307/2951599
8.Robert J. Barro, R. J., & Xavier Sala-i-Martin, X. (2004). Economic growth (2nd ed.). MIT Press.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.
