The Microeconomic Basis for Solow Model on Economic Growth

Zhen He ()
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Zhen He: Zhengzhou Institute of Aeronautical Industry Management

Chapter Chapter 22 in The 19th International Conference on Industrial Engineering and Engineering Management, 2013, pp 195-203 from Springer

Abstract: Abstract Solow’s economic growth model, also called the neoclassical economic growth model, is the cornerstone of the Modern Growth Theory. However, except that it’s an exogenous growth modal, the aggregate production function and the social capital output per capita curve are “assumed” in it, so that it lacks of the foundation of microeconomics. The goal of this essay is to offer the strong microeconomics theory support for the aggregate production function and social capital output per capita curve which are the structural elements of Solow model.

Keywords: Aggregate production function; Microeconomics theory; Social capital output per capita curve; Solow’s economic growth model (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-38433-2_22

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DOI: 10.1007/978-3-642-38433-2_22

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