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Journal articles on the topic 'Solow growth model'

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Published: 4 June 2021
Last updated: 10 March 2023

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1

Mixon, J. Wilson, and William D. Sockwell. "The Solow Growth Model." Journal of Economic Education 38, no. 4 (September 2007): 483. http://dx.doi.org/10.3200/jece.38.4.483.

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2

Durlauf, Steven N., Andros Kourtellos, and Artur Minkin. "The local Solow growth model." European Economic Review 45, no. 4-6 (May 2001): 928–40. http://dx.doi.org/10.1016/s0014-2921(01)00120-9.

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3

Wulwick, Nancy J. "Kaldor's Growth Theory." Journal of the History of Economic Thought 14, no. 1 (1992): 36–54. http://dx.doi.org/10.1017/s1053837200004387.

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The last decade has seen an outburst of growth models designed to replace the conventional Solow growth model, with its exogenous trend of technical progress, by more realistic models that generate increasing returns (to labor, capital and/or scale) as a result of endogenous technical progress. In contrast to the Solow model, the new models suggest that policy interventions can affect the long-run rate of economic growth. Nicholas Kaldor's growth model, designed in the late 1950s and early 1960s to replace the Solow growth model, is a precursor of the new growth models.
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4

Tőkés, László. "Hatvanhat éves a Solow-Swan modell = The Solow-Swan model just turned 66." Köz-gazdaság 17, no. 2 (August 2, 2022): 149–80. http://dx.doi.org/10.14267/retp2022.02.08.

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„Pontosan a növekedéselmélet az, amelyről beszélni akarok: önmagáért, az eredményeiért, a lyukakért, amelyeket még be kell tömni … .” – mondta Robert M. Solow 1987-ben, Nobel-díjas előadása elején, és ez a motivációja ennek a tanulmánynak is. A modern növekedéselmélet úttörőinek tekinthető Bob Solow és Trevor Swan alapvető tanulmányai 66 évvel ezelőtt, 1956-ban jelentek meg. A növekedési irodalom azóta elképesztően bővült. Ez az inkább tájékoztató, mint tudományos jellegű írás rövid áttekintést ad a főbb kutatási területekről, az empirikus eredményekre összpontosítva. = “Growth theory is exactly what I want to talk about: for itself, for its achievements, for the gaps that remain to be filled […]” – said Robert M. Solow in 1987, at the beginning of his Nobel Prize Lecture, and this is also the motivation of this paper. The seminal papers of Bob Solow and Trevor Swan, who can be considered the pioneers of modern growth theory, were published 66 years ago, in 1956. The growth literature has been expanding astonishingly since then. This more informative than scientific paper gives a brief survey of the main research areas, focusing on empirical results.
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5

Synenko, Oleksandr, Kateryna Yarema, and Yuliia Bezsmertna. "Solow economy model." Problems of Innovation and Investment Development, no. 21 (December 27, 2019): 150–57. http://dx.doi.org/10.33813/2224-1213.21.2019.15.

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The subject of the research is the approach to the possibility of using the Solow model to perform the regression analysis on the example of the Ukrainian economy model. The purpose of writing this article is to investigate the notion of regres- sion analysis, Solow’s economy model, algorithm for performing regression analy- sis on the example of Ukraine’s economy model. This model can be adapted for the economy of enterprises. Methodology. The research methodology is system-struc- tural and comparative analyzes (to study the structure of GDP); monograph (when studying methods of regression analysis on the example of the Ukrainian economy); economic analysis (when assessing the impact of factors on Ukraine’s GDP). The scientific novelty consists the features of the use of the Solow model on the ex- ample of Ukrainian economy are determined. An algorithm for calculating the basic parameters of a model using the Excel application package is disclosed. The main recommendations on the development of the national economy and economic growth through the use of macroeconomic instruments are given. Conclusions. The use of the Solow model enables forecasting and analysis. The results obtained re- vealed the problem of low resource return of capital as a resource, along with the means of macroeconomic regulation of the investment process, using which can improve the situation. A special place in these funds belongs to the accelerated depreciation and interest rate policies.
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6

Paudel, Ramesh Kumar. "Empirics of Solow growth model in Nepali economy." Management Dynamics 23, no. 1 (March 9, 2020): 125–36. http://dx.doi.org/10.3126/md.v23i1.35567.

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Economic growth model developed by R. M. Solow explained the steady-state equilibrium in long run based on neoclassical production function with factor substitutions and diminishing returns in context of developed economy. As the nature of Nepali economy is different than developed economy, this paper aims to analyze economic growth of Nepal in the Solow growth model standard. Specifically, it aims to examine the effect of saving rate, labor growth and human capital on economic growth. On basis of steady-state equilibrium equation developed by Solow, regression equation is developed to find the effect of exogenous variables saving rate and labor growth rate on per capita GDP. Further, the model is extended by adding human capital as regressor. Data of 44 years of Nepali economy are used to analyze the model. Since time series of all the variables are stationary at first difference and they contain same stochastic trend, coefficients are estimated by using ordinary least square method. The analysis shows that the Solow model is applicable to Nepali economy as the predicted coefficients are very close to estimated coefficients. However, the estimated coefficients are very less than the predicted coefficients of the extended model. Furthermore, coefficient of labor growth rate is statistically insignificant in the extended model.
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7

Cai, Donghan, Hui Ye, and Longfei Gu. "A Generalized Solow-Swan Model." Abstract and Applied Analysis 2014 (2014): 1–8. http://dx.doi.org/10.1155/2014/395089.

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We set up a generalized Solow-Swan model to study the exogenous impact of population, saving rate, technological change, and labor participation rate on economic growth. By introducing generalized exogenous variables into the classical Solow-Swan model, we obtain a nonautomatic differential equation. It is proved that the solution of the differential equation is asymptotically stable if the generalized exogenous variables converge and does not converge when one of the generalized exogenous variables persistently oscillates.
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8

Nikonorov, Valentin Mikhailovich, and Igor Vasilyevich Ilyin. "Stochastic demand as an addition to the Solow Growth Model." Теоретическая и прикладная экономика, no. 2 (February 2021): 44–54. http://dx.doi.org/10.25136/2409-8647.2021.2.33336.

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The subject of this research is the Solow Growth Model. The relevance is substantiated by the fact that the Solow Growth Model is conceptually simple, and simultaneously it can be complicated with clarifications and additions. The authors believe that one of such clarification is consideration of the demand as a stochastic variable. The goal of this research is to propose a model that takes into account the random nature of consumer demand based on the Solow Growth Model. The article aims to examine the Solow Growth model; conduct a literature overview of the most common modifications of the model; analyze the well-known modifications and complications of the model; outline the methods of such modifications and complications; offer Solow Growth Model supplemented with microeconomic substantiation with consideration of the stochastic demand. The article employs the methods of analysis, synthesis, comparison, and differential calculus. The novelty lies in the statement  that consumption depends on demand; it is intuitively obvious that demand can be considered as stochastic variable. This is explained by the individual traits of the consumers. Therefore, the demand can be described via stochastic differential equation based on the standard Wiener process (analogy with Brownian motion). The article offers a stochastic differential equation of demand. The Solow Growth Model is supplemented with the stochastic differential equation of demand. In conclusion, the authors determine the key modification and complication trends of the Solow Growth Model; developed the model based on the Solow Growth Model with the stochastic differential equation of demand as its addition. Further research should be aimed at solution of the obtained mathematical model supplemented with the stochastic differential equation of demand.
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9

Tebaldi, Edinaldo, and Ramesh Mohan. "Institutions-augmented solow model and income clubs." A Economia em Revista - AERE 17, no. 2 (October 26, 2011): 5. http://dx.doi.org/10.4025/aere.v17i2.13063.

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Growth economists still face major challenges and limitations to incorporate institutions into the standard growth framework. This article develops a simple institutions-augmented Solow growth model --that can be used in the classroom and for policy discussions --that accounts for the interactions between institutions and factor-productivity and examine the impacts of the quality of institutions on levels and growth rates of output. The institutions-augmented growth model shows that differences in the quality of institutions preclude income convergence and determine both the level and the growth rate of output per worker. The model also shows that poor institutions induce poverty traps. Furthermore, the income gap between rich and poor countries will not disappear if poor countries’ institutions do not improve relative to their rich counterpart.
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10

Zhong, Yue, and Wenyi Huang. "Spatial Dynamics for a Generalized Solow Growth Model." Discrete Dynamics in Nature and Society 2018 (July 17, 2018): 1–8. http://dx.doi.org/10.1155/2018/6945032.

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The existence of nontrivial equilibrium and poverty traps for a generalized Solow growth model with concave and nonconcave production functions is investigated. The explicit solutions of the growth model, which is expressed by a differential equation with corresponding boundary conditions, are employed to illustrate the spatial dynamics of the model in different economic regions. Numerical method is used to justify the validity of the theoretical analysis.
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11

McAdam, P., and C. Allsopp. "The 50th Anniversary of the Solow Growth Model." Oxford Review of Economic Policy 23, no. 1 (March 1, 2007): 1–2. http://dx.doi.org/10.1093/oxrep/grm006.

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12

Corchón, Luis C. "A Malthus-Swan-Solow model of economic growth." Journal of Dynamics and Games 3, no. 3 (July 2016): 225–30. http://dx.doi.org/10.3934/jdg.2016012.

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13

Cayssials, Gaston, and Santiago Picasso. "The Solow-Swan model with endogenous population growth." Journal of Dynamics & Games 7, no. 3 (2020): 197–208. http://dx.doi.org/10.3934/jdg.2020014.

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14

Gemmell, Norman. "Endogenous growth, the Solow model and human capital." Economics of Planning 28, no. 2-3 (June 1995): 169–83. http://dx.doi.org/10.1007/bf01263636.

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15

Fabião, Fátima, João Teixeira, and Maria João Borges. "Long cycles in a modified Solow growth model." Journal of Economic Interaction and Coordination 10, no. 2 (January 12, 2014): 247–63. http://dx.doi.org/10.1007/s11403-013-0122-0.

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16

Nakamura, Hideki. "An Empirical Reexamination of the Solow Growth Model." Journal of the Japanese and International Economies 15, no. 3 (September 2001): 323–40. http://dx.doi.org/10.1006/jjie.2001.0471.

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17

Schilir`o, Daniele. "A Glance at Solow’s Growth Theory." Journal of Mathematical Economics and Finance 3, no. 2(5) (February 6, 2018): 83. http://dx.doi.org/10.14505/jmef.v3.2(5).04.

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This article examines the growth theory of Robert Solow1 , 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 Growt” 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 ap- proach. 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.
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18

Boyko, A. A., V. V. Kukartsev, V. S. Tynchenko, D. V. Eremeev, A. V. Kukartsev, and S. V. Tynchenko. "Simulation-dynamic model of long-term economic growth using Solow model." Journal of Physics: Conference Series 1353 (November 2019): 012138. http://dx.doi.org/10.1088/1742-6596/1353/1/012138.

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19

Ozdemir, Dicle. "A Post-Keynesian Criticism of the Solow Growth Model." Journal of Economics, Business and Management 5, no. 3 (2017): 134–37. http://dx.doi.org/10.18178/joebm.2017.5.3.500.

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20

Hoeffler, Anke E. "The augmented Solow model and the African growth debate*." Oxford Bulletin of Economics and Statistics 64, no. 2 (May 2002): 135–58. http://dx.doi.org/10.1111/1468-0084.00016.

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21

Schenk-Hoppé, Klaus Reiner, and Björn Schmalfuß. "Random fixed points in a stochastic Solow growth model." Journal of Mathematical Economics 36, no. 1 (September 2001): 19–30. http://dx.doi.org/10.1016/s0304-4068(01)00062-3.

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22

Dohtani, Akitaka. "A growth-cycle model of Solow–Swan type, I." Journal of Economic Behavior & Organization 76, no. 2 (November 2010): 428–44. http://dx.doi.org/10.1016/j.jebo.2010.07.006.

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23

Jensen, Bjarne S. "Dynamic Extensions of the Solow Growth Model (1956): Editorial." German Economic Review 10, no. 4 (December 1, 2009): 378–83. http://dx.doi.org/10.1111/j.1468-0475.2009.00493.x.

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24

Zhang, Wei-Bin. "A Discrete Monetary Economic Growth Model with the MIU Approach." Discrete Dynamics in Nature and Society 2008 (2008): 1–14. http://dx.doi.org/10.1155/2008/435787.

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This paper proposes an alternative approach to economic growth with money. The production side is the same as the Solow model, the Ramsey model, and the Tobin model. But we deal with behavior of consumers differently from the traditional approaches. The model is influenced by the money-in-the-utility (MIU) approach in monetary economics. It provides a mechanism of endogenous saving which the Solow model lacks and avoids the assumption of adding up utility over a period of time upon which the Ramsey approach is based.
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25

Wanxin, Wang, and Guo Zequn. "A Localization of Solow Growth Model with Labor Growth Pattern in China." Technology and Investment 04, no. 01 (2013): 24–26. http://dx.doi.org/10.4236/ti.2013.41b005.

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26

Karras, Georgios. "Land and population growth in the Solow growth model: Some empirical evidence." Economics Letters 109, no. 2 (November 2010): 66–68. http://dx.doi.org/10.1016/j.econlet.2010.08.019.

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27

Nkalu, Chigozie Nelson, Richardson Kojo Edeme, and Queen O. Chukwuma. "Testing the Validity of the Solow Growth Model: Empirical Evidence from Cross-Country Panel Data." American Economic & Social Review 3, no. 1 (November 11, 2018): 18–22. http://dx.doi.org/10.46281/aesr.v3i1.197.

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This study seeks to test for the validity of the Solow growth model using cross-country panel data. Panel OLS analysis was adopted following an extensive review of recent and related literature with output-side of the real GDP as the dependent variable with other variables like population, capital stock and employment as the independent. However, population and capital stock are positively impacting the output with statistically significant value, while employment is not an important variable in the model even though it exhibits a negative and statistically significant effect to the output. In conclusion, the estimation result conforms the postulations of the basic Solow and augmented Solow growth model thereby validating the Solow model across-countries.
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28

Brestovanská, Eva, and Milan Medveď. "Solow differential equations on time scales - A unified approach to continuous and discrete Solow growth model." Differential Equations & Applications, no. 4 (2013): 473–88. http://dx.doi.org/10.7153/dea-05-27.

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29

Zhang, Wei-Bin. "A discrete economic growth model with endogenous labor." Discrete Dynamics in Nature and Society 2005, no. 2 (2005): 101–9. http://dx.doi.org/10.1155/ddns.2005.101.

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This paper proposes an alternative approach to economic growth with endogenous labor supply. The production side is the same as the Solow model, the Ramsey model, and the Diamond model. But we deal with the behavior of consumers differently from the traditional approaches by proposing a concept of disposable income (which is the sum of the wealth available for use, the current income from interest income, and the wage payment) and a utility function which depends on the current consumption, savings, and leisure. The model provides a mechanism of endogenous saving and labor supply which the Solow model lacks, avoids the assumption of adding up utility over a period of time upon which the Ramsey approach is based, and does not need the assumption of two-period agents which the Diamond model and many of its extensions accept.
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30

Budhiasa, Gede Sudjana. "Analisis Model Makro Ekonomi Regional Bali Pendekatan Solow Neclassical Growth." Kajian Ekonomi dan Keuangan 16, no. 3 (November 1, 2016): 1–26. http://dx.doi.org/10.31685/kek.v16i3.126.

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Bali Island is the most popular tourist destination in Indonesia, therfore the growth for international tourist destionation to Bali island could be impact and supporting generating income of people of Bali island. However, the policy design of one for all that was design by BTDC projects were concentrated tourist destionation at Kabupaten Badung and Kota Denpasar as main region activities.This research have been found that using econometrics two stages regression methods indicated that tourist growth center policy of BTDC is failures to distribute income and other benefits to the suburb area of 7 Kabupaten outside from center growth Kabupaten Badung and Kota Denpasar. The failure of beneficial of 7 Kabupaten to take participation is that because of the economic structure of 7 Kabupaten become dominated of primary sector and less power of industrial sectors
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31

Meerson, A. Yu, and A. P. Chernyaev. "Effective Capital in Upgraded Solow Macro-Model of Economic Growth." Vestnik of the Plekhanov Russian University of Economics, no. 4 (July 24, 2022): 43–48. http://dx.doi.org/10.21686/2413-2829-2022-4-43-48.

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32

Okada, Toshihiro. "What Does the Solow Model Tell Us about Economic Growth?" Contributions in Macroeconomics 6, no. 1 (January 17, 2006): 1–30. http://dx.doi.org/10.2202/1534-6005.1228.

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33

Scarpello, Giovanni Mingari, and Daniele Ritelli. "The Solow model improved through the logistic manpower growth law." ANNALI DELL UNIVERSITA DI FERRARA 49, no. 1 (January 2003): 73–83. http://dx.doi.org/10.1007/bf02844911.

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34

Gundlach, E. "The Solow model in the empirics of growth and trade." Oxford Review of Economic Policy 23, no. 1 (March 1, 2007): 25–44. http://dx.doi.org/10.1093/oxrep/grm002.

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35

McQuinn, K., and K. Whelan. "Solow (1956) as a model of cross-country growth dynamics." Oxford Review of Economic Policy 23, no. 1 (March 1, 2007): 45–62. http://dx.doi.org/10.1093/oxrep/grm009.

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36

Dowrick, S. "Classical and technological convergence: beyond the Solow-Swan growth model." Oxford Economic Papers 54, no. 3 (July 1, 2002): 369–85. http://dx.doi.org/10.1093/oep/54.3.369.

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37

Barossi-Filho, Milton, Ricardo Gonçalves Silva, and Eliezer Martins Diniz. "The Empirics of the Solow Growth Model: Long-Term Evidence." Journal of Applied Economics 8, no. 1 (May 2005): 31–51. http://dx.doi.org/10.1080/15140326.2005.12040617.

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38

Guerrini, Luca. "The Solow–Swan model with a bounded population growth rate." Journal of Mathematical Economics 42, no. 1 (February 2006): 14–21. http://dx.doi.org/10.1016/j.jmateco.2005.05.001.

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39

C. Corchón, Luis. "Corrigendum to "A Malthus-Swan-Solow model of economic growth"." Journal of Dynamics & Games 5, no. 2 (2018): 187. http://dx.doi.org/10.3934/jdg.2018011.

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40

Zhang, Wei-Bin. "Cournot-Nash Equilibrium and Perfect Competition in the Solow-Uzawa Growth Model." Revista CEA 7, no. 15 (August 20, 2021): e1801. http://dx.doi.org/10.22430/24223182.1801.

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The purpose of this study is to contribute to economic growth theory by introducing Cournot competition into the Solow-Uzawa neoclassical growth model with Zhang’s concept of disposable income and utility function. The Solow-Uzawa two-sector growth model deals with economic growth with two sectors with all the markets perfectly competitive. The final goods sector in this study is the same as that in the Solow model with perfect competition. The consumer goods sector is composed of two firms and characterized by Cournot competition. All the input factors are traded in perfectly competitive markets. The duopoly’s product is solely consumed by consumers. Perfectly competitive firms earn zero profit, while duopolists earn positive profits. This study assumes that the population shares the profits equally. First, we built the dynamic model. Afterward, we found a computational procedure to describe the time-dependent path of the economy and conducted comparative dynamic analyses of some parameters. Finally, we compared the economic performances of the model with Cournot competition and the perfectly competitive model.
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41

Pampel, Thorsten. "On the Dynamics of Basic Growth Models: Ratio Stability vs. Convergence and Divergence in State Space." German Economic Review 10, no. 4 (December 1, 2009): 384–400. http://dx.doi.org/10.1111/j.1468-0475.2009.00487.x.

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Abstract We show for a class of basic growth models that convergence in ratios does not imply the pathwise convergence to the corresponding balanced growth path in the state space. We derive conditions on parameters and on the elasticity of the savings function for convergence or divergence and apply our results to the Solow model, an augmented Solow model as well as to an optimal growth model. An implication for the convergence debate is that two economies that differ only in the initial capital stock and converge in per capita terms might diverge to infinity in absolute terms.
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42

Shah, Imtiyaz Ahmad, and Imtiyaz ul Haq. "Convergence or Divergence in Economic Growth of Commonwealth of Independent States (CIS)." Studia Universitatis „Vasile Goldis” Arad – Economics Series 32, no. 4 (October 8, 2022): 58–80. http://dx.doi.org/10.2478/sues-2022-0019.

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Abstract In this study, the issue of economic growth and Convergence in the 12 countries of the CIS region has been investigated thoroughly for 27 years, from 1991–2017. The paper examines the absolute, sigma and conditional Convergence of the CIS region. Conditional Convergence is examined through the augmented Solow and extended Solow models. During the study period, the empirical results confirm no significant negative correlation between the initial ratio of the countries per capita GDP and the average yearly growth rate. Thus, indicating the absence of absolute β convergence across the CIS economies during 1991–2017. The results of the sigma convergence are consistent with the results derived from the absolute convergence model. Referring to the augmented Solow model estimations, we found the rate of conditional β-convergence (coefficient of initial GDP per capita) of value 0.028 among members of the CIS region after controlling GDP per capita, physical and human capital and population growth have important contributions to make in the growth and Convergence of countries. In Solow extended growth regression, the initial GDP per capita coefficient is 0.33. Therefore, besides the initial level of per capita income, physical and human capital and population growth, other factors have important contributions to make to the growth and Convergence of countries of CIS.
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43

Mirbagheri, Mirnaser, and Namiq Tagiev. "ANALYZING ECONOMIC STRUCTURE AND COMPARING THE RESULTS OF THE PREDICTED ECONOMIC GROWTH BASED ON SOLOW, FUZZY-LOGIC AND NEURAL-FUZZY MODELS." Technological and Economic Development of Economy 17, no. 1 (March 17, 2011): 101–15. http://dx.doi.org/10.3846/13928619.2011.554201.

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Investigating the factors effective on economic growth is of great importance for most economists. Although lots of studies have been done on economic growth in the world, it has less been regarded in Iran. In this article, by estimating growth regression, we attempt to investigate the supply side of economic growth in Iran. Then we compare the predictive results of Fuzzy-logic, Neural-Fuzzy and Solow models. The results show that there was negative significant relationship (i.e.–0.035) between unstable policy and economic growth rate in Iran during investigation period (1959–2001). In this model, the effect of expenses used by government is positive (i.e. 0.01). Furthermore, the estimated results of long term relationship show that the variable coefficients of capital, labor power, exportation, and inflation are 0.319, 0.016, 0.001, and–0.001, respectively. And also by comparing the predictive results of models for the average percent of annual growth, it is predicted that the average percent of Solow, Neural-Fuzzy, and Fuzzy-logic models are 7.17%, 5.92%, and 6.46% for 2002–2006, respectively. Evaluation of results from the models on the basis of criteria shows that model Neural-Fuzzy predicts better than Fuzzy-logic and Solow models. In other words, forecasting by the model Neural-Fuzzy is recommended.
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44

Zhang, Wei-Bin. "Banking and Money in an Extended Solow-Uzawa’s Neoclassical Growth Model." Studies in Business and Economics 16, no. 1 (April 1, 2021): 221–43. http://dx.doi.org/10.2478/sbe-2021-0018.

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Abstract This study deals with interactions between economic growth and structural change with banking. The study is influenced by the growth model of money and banking by Chang et al. (2007). It deviates from Chang et al.’ model with regard to the monetary authority behavior, economic structure, and modeling behavior of household. The model deals with dynamic interactions between money, banking, economic structural change and growth in a perfectly competitive economy. The economic system consists of one capital goods sector, one consumer goods sector, and one banking sector. The two goods sectors are based on the Solow-Uzawa growth model. The motion is described by a set of differential equations. For illustration, we simulate the motion of the economic system. We identify the existence of a stable equilibrium point. We carry out comparative dynamic analysis. The comparative analyses provide some insights into the complexity of economic growth with banking.
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45

Ahmad, Eatzaz, and Amber Naz. "An Empirical Analysis of Convergence Hypothesis." Pakistan Development Review 39, no. 4II (December 1, 2000): 729–40. http://dx.doi.org/10.30541/v39i4iipp.729-740.

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A useful contribution of wide ranging debate in the growth literature is that it has put forward a number of testable hypotheses. One of such hypotheses is known as the convergence hypothesis whereby it is postulated that in the long run developing countries would catch-up with the developed countries in terms of per capita income. Although the convergence hypothesis has gained researchers’ interest in recent times, the basic proposition was laid down in the neo-classical growth model of Solow (1956) and Swan (1956). Traditionally Solow-Swan model has been regarded as a theoretically consistent answer to Harrods’s (1939) twin problems of discrepancy between the warranted and natural rates of growth and instability in the growth process. Although Solow- Swan model is designed to study growth process within a single country, the concept of conditional convergence is far from being alien to the model; it in fact forms the core of argument in the attack on Harrod-Domar model [Harrod (1939) and Domar (1946)].
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46

Zhang, Wei-Bin. "Monopolies and perfect competition in Solow–Uzawa’s general equilibrium growth model." Russian Journal of Industrial Economics 12, no. 4 (January 3, 2020): 405–15. http://dx.doi.org/10.17073/2072-1633-2019-4-405-415.

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The purpose of this study is to introduce monopolies to neoclassical growth theory. This unique contribution attempts to make neoclassical economic growth theory more realistic in modelling the complexity of economic growth and development with different types of market structures. This study is based on a few well-established economic theories in the literature of economics. We frame the model on basis of the Solow–Uzawa two-sector growth model. The modelling of monopoly is based on well-developed monopoly theory. We model behavior of the household with Zhang’s concept of disposable income and utility function. The model endogenously determines profits of monopolies which are equally distributed among the homogeneous population. We build the model and then identify the existence of an equilibrium point by simulation. We conduct comparative static analyses in some parameters.
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47

Plata Pérez, Leobardo, and Eduardo Calderón. "A modified version of Solow-Ramsey model using Richard’s growth function." econoquantum 6, no. 1 (March 3, 2010): 65–70. http://dx.doi.org/10.18381/eq.v6i1.99.

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48

Zhang, Wei-Bin. "Economic Growth and the Taylor Rule in the Solow-Tobin Model." Asian Business Review 9, no. 2 (2019): 49–56. http://dx.doi.org/10.18034/abr.v9i2.252.

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49

Zhang, Wei-Bin. "Ramsey Taxation in the Solow-Uzawa Growth Model with Public Goods." Review of Politics and Public Policy in Emerging Economies 2, no. 2 (December 31, 2020): 25–38. http://dx.doi.org/10.26710/rope.v2i2.1358.

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This paper examines issues related to optimal taxation similar to those addressed by Ramsey in his celebrated 1927 paper. Rather than determining taxes on commodities with given revenue to minimize the decrement of utility may be minimum in the Ramsey approach, this model determines optimal taxation to maximize utility with revenue as endogenous variable. We analyze optimal taxation in neoclassical growth theory. We introduce a public sector to the Solow-Uzawa neoclassical growth model. The economy is composed of the public, capital goods and consumer goods sectors. Public goods enter into the utility function. The public sector is financially supported by the government’s revenue from taxing consumption of capital goods and consumer goods. We derive the optimal taxation rule and construct the dynamics of the national economy. The model describes nonlinear dynamic interactions among national and sectoral growth, economic structural change, wealth/capital accumulation, and optimal tax rates in perfect competitive markets with the government intervention. We carry out comparative analysis to analyze effects of changes in some parameters on the tax rates and other economic variables.
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Wei-Bin Zhang. "Optimal Taxation in the Solow-Uzawa Growth Model with Public Goods." Journal of Social and Development Sciences 10, no. 3(S) (January 10, 2020): 1–11. http://dx.doi.org/10.22610/jsds.v10i3(s).2980.

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This paper makes an original contribution to the literature of optimal taxation by introducing Ramseytaxation to the Solow-Uzawa growth model to examine genuine dynamic interdependence between growth andoptimal taxation. We introduce a public sector to the Uzawa two-sector growth model. The public sector suppliespublic goods and services. The government financially supports by the public sector by collecting taxes on thehousehold’s wage income and wealth income under the assumption that the utility level is maximized. We derivethe optimal taxation rule and construct the dynamics of the national economy. The model studies a nonlineardynamics between national and sectoral growth, economic structural change, wealth/capital accumulation, andoptimal tax rates in perfect competitive markets with the government intervention. The model has a uniquestable equilibrium point with the chosen parameter values. We carry out comparative dynamic analysis toanalyze effects of exogenous changes in a few parameters on the transitional process and long-term economicstructure of the economic dynamics.
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