Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach

Delano Villanueva, Roberto Mariano, Diwa C Guinigundo and Abbas Mirakhor

Chapter 2 in Economic Adjustment and Growth:Theory and Practice, 2023, pp 10-43 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The basic neoclassical model of Solow (1956) and Swan (1956) has been the workhorse of economic growth theorists for the past three and a half decades. Its simple assumptions and structure — a single homogenous good, a well-behaved neoclassical production function, exogenous labor-augmenting technical progress, full employment, and exogenous labor force growth — provide an elegant solution to the “knife-edge” problem posed by Harrod (1939) and Domar (1946) and ensure the attainment of a balanced equilibrium growth path (Hacche (1979))…

Keywords: Adjustment and Growth; Testing Growth Models; Labor Participation; Human and Intellectual Capital; Finance and Growth; Adaptive Inflationary Expectations; Learning by Doing; Optimal Saving; Sustainable Foreign Debt; Stabilization and Structural Policies; Emerging Economy Case Study (search for similar items in EconPapers)
JEL-codes: E E02 F4 O11 O4 (search for similar items in EconPapers)
Date: 2023
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Related works:
Journal Article: Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach (1993)
Working Paper: Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach (1992)
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