The neoclassical theory of growth and distribution

Robert Solow

Banca Nazionale del Lavoro Quarterly Review, 2000, vol. 53, issue 215, 349-381

Abstract: The paper surveys the neoclassical theory of growth. As a preliminary, the meaning of the adjective "neoclassical" is discussed. The basic model is then sketched, and the conditions ensuring a stationary state are illustrated. The issue of the convergence to a stationary state (and that of the speed of convergence) is further considered. A discussion of "primary factors" opens the way to the "new" theory of growth, with endogenous technical progress. A number of extensions of the basic model are then recalled: two-sector and multi-sectoral models, overlapping generations models, the role of money in growth models.

Keywords: Distribution; Growth; Income Distribution; Income (search for similar items in EconPapers)
JEL-codes: E25 O41 (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (13)

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