From Long-Run Utopia to Technical Expertise: Solow's Growth Model as a Multipurpose Design

Verena Halsmayer

No 2014-9, Center for the History of Political Economy Working Paper Series from Center for the History of Political Economy

Abstract: Combining concrete policy-oriented modeling strategies of World War II with what was received as traditional neoclassical theory, in 1956 Robert Solow constructed a simple, clean, and smooth-functioning “design” model that served many different purposes. As a working object it enabled experimentation with long-run equilibrium growth. As an instrument of measurement it was applied to time series data. As a prototype it was supposed to feed into larger-scale econometric models that were, in turn, thought of as technologies for policy advice. Used as a teaching device, Solow’s design became a medium of “spreading the technique,” and one of the symbols for neoclassical macroeconomics that soon became associated with MIT.

Keywords: model; modeling; Robert Solow; growth theory; growth; neoclassical growth model; linear programming; dynamic programming; design model; Harvard Economic Research Project; Massachusetts Institute of Technology (search for similar items in EconPapers)
JEL-codes: B22 B23 B31 B40 O4 Z1 (search for similar items in EconPapers)
Pages: 25
Date: 2014
New Economics Papers: this item is included in nep-gro and nep-his
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