NEOCLASSICAL ECONOMIC GROWTH THEORY: AN EMPIRICAL APPROACH

Najeb Masoud ()
Additional contact information
Najeb Masoud: Asst. Prof. Department of Banking and Finance College of Economics and Business Al-zaytoonah University of Jordan, Amman, Jordan

Far East Journal of Psychology and Business, 2013, vol. 11 No 3 Paper 2 June, issue 2, 10-33

Abstract: This paper contributes to the empirical literature by providing a simple theoretical and empirical literature framework. For this purpose we address the neoclassical model of capital accumulation reproduces many of the stylised facts about economic growth and is consistent with many features of actual growth in economies. We also observed that in most industrialised economies, output per capita grows over time, capital per worker grows over time, and productivity grows over time. Robert Solow used the neoclassical growth model as the basis for decomposing the growth in output per capita into portions accounted for by increased inputs and the portion attributable to increases in productivity. This model economy gives us only a glimpse of what it is possible to learn and accomplish by taking the basic neoclassical growth model seriously as a description of how actual economies behave. Solows findings prompted much additional research in productivity measurement and considerable development of mathematical growth models with different ways of incorporating technical change

Keywords: Theory; Neoclassical model; Economic growth; Developed countries and Emerging market countries (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.fareastjournals.com/files/FEJPBV11N3P2.pdf (application/pdf)
http://www.fareastjournals.com/archive_detail.aspx?jid=18&aid=38 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fej:articl:v:11c:y:2013:i:2:p:10-33

Access Statistics for this article

More articles in Far East Journal of Psychology and Business from Far East Research Centre
Bibliographic data for series maintained by Jim Chau ( this e-mail address is bad, please contact ).