Neoclassical Growth Theory and Standard Models

Sascha Sardadvar ()
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Sascha Sardadvar: Vienna University of Economics and Business, Institute for Economic Geography and GIScience

Chapter Chapter 2 in Economic Growth in the Regions of Europe, 2011, pp 9-22 from Springer

Abstract: Abstract Thoughts and theories on economic growth can be traced back to the classical economists of the eighteenth and nineteenth century, whose works are briefly reviewed alongside the transition to neoclassical growth theory in Sect. 2.1. The basic outline of neoclassical growth models as first developed by Solow (1956) and Swan (1956) is presented in Sect. 2.2. The familiar but nonetheless special case of a Cobb-Douglas production function is examined in Sect. 2.3 in connection with the derivation of steady state levels of factors of production and output. Finally, Sect. 2.4 examines the inclusion of human capital as an additional factor of production and provides a note on endogenous growth theory.

Keywords: Human Capital; Technological Progress; Physical Capital; Labour Unit; Balance Growth Path (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-3-7908-2637-1_2

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