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The Harrod–Domar model was the precursor to the exogenous growth model. [4] Neoclassical economists claimed shortcomings in the Harrod–Domar model—in particular the instability of its solution [5] —and, by the late 1950s, started an academic dialogue that led to the development of the Solow–Swan model. [6] [7]
Sir Henry Roy Forbes Harrod (13 February 1900 – 8 March 1978) was an English economist.He is best known for writing The Life of John Maynard Keynes (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently.
Evsey Domar was a Keynesian economist. He made contributions to three main areas of economics: economic history, comparative economics and economic growth.In 1946 he advanced the idea that economic growth served to lighten the deficit and the national debt.
Evolution is the change in the heritable characteristics of biological populations over successive generations. [1] [2] It occurs when evolutionary processes such as natural selection and genetic drift act on genetic variation, resulting in certain characteristics becoming more or less common within a population over successive generations. [3]
The mediaeval great chain of being as a staircase, implying the possibility of progress: [1] Ramon Lull's Ladder of Ascent and Descent of the Mind, 1305. Alternatives to Darwinian evolution have been proposed by scholars investigating biology to explain signs of evolution and the relatedness of different groups of living things.
Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run ...
Professor of biology Jerry Coyne sums up biological evolution succinctly: [3]. Life on Earth evolved gradually beginning with one primitive species – perhaps a self-replicating molecule – that lived more than 3.5 billion years ago; it then branched out over time, throwing off many new and diverse species; and the mechanism for most (but not all) of evolutionary change is natural selection.
The article was the first announcement of the Darwin–Wallace theory of evolution by natural selection; and appeared in print on 20 August 1858. The presentation of the papers spurred Darwin to write a condensed "abstract" of his "big book", Natural Selection .