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Title variants
Theoretical growth models
Languages of publication
Abstracts
This paper is given to the issue of growth theory in selected models: neoclassical growth models and models of new growth theory. The concerning neoclassical growth models are: Solow model and augmented Solow model (called Mankiw-Romer-Weil model). Representative models of new growth theory are Lucas and Romer models. The author gives a detailed description of these models and denotes differences between them. According to a neoclassical viewpoint growth is defined as being exogenous. Theorefore neoclassical growth models are able to describe how an economy grows, but not why. The purpose of the new growth theory is to fill this gap in the neoclassical approach to growth by taking a step further in understanding developmental growth. It means that the long-run growth rate of output per worker is determined by variables within the model.
Keywords
Year
Volume
Physical description
Dates
published
2006
Contributors
author
other
References
Document Type
Publication order reference
Identifiers
URI
http://hdl.handle.net/11089/17422
YADDA identifier
bwmeta1.element.hdl_11089_17422
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