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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.
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 ...
Endogenous growth theory; Kaldor's growth model; Harrod-Domar model; W.A Lewis growth model; Rostow's stages of growth This page was last edited on 1 ...
The Harrod–Domar model dominated growth theory until Robert Solow [c] and Trevor Swan [d] independently developed neoclassical growth models in 1956. [55] Solow and Swan produced a more empirically appealing model with "balanced growth" based on the substitution of labor and capital in production. [59]
The First Five-Year Plan stressed investment for capital accumulation in the spirit of the one-sector Harrod–Domar model. It argued that production required capital and that capital can be accumulated through investment: the faster one accumulates capital through investment, the higher the growth rate will be. The most fundamental criticisms ...
The Cambridge capital controversy, sometimes called "the capital controversy" [1] or "the two Cambridges debate", [2] was a dispute between proponents of two differing theoretical and mathematical positions in economics that started in the 1950s and lasted well into the 1960s.