Search results
Results from the WOW.Com Content Network
The Ramsey–Cass–Koopmans model, or Ramsey growth model, is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey in 1928, [1] with significant extensions by David Cass and Tjalling Koopmans in 1965.
Neoclassical economics is an approach to ... of goods and services are observed as driven by the supply and demand model. [1] ... with an emphasis on economic growth, ...
Solow's model of economic growth, often known as the Solow–Swan neoclassical growth model as the model was independently discovered by Trevor W. Swan and published in "The Economic Record" in 1956, allows the determinants of economic growth to be separated into increases in inputs (labour and capital) and technical progress
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth. It attempts to explain long-run economic growth by looking at capital accumulation , labor or population growth , and increases in productivity largely driven by technological progress.
Trevor Winchester Swan (14 January 1918 – 15 January 1989) was an Australian economist.He is best known for his work on the Solow–Swan growth model, published simultaneously by American economist Robert Solow, for his work on integrating internal and external balance as represented by the Swan Diagram, and for pioneering work in macroeconomic modeling, which predated that of Lawrence Klein ...
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]
In an additional effort to quantify the hypotheses derived from theoretical models, macro-econometric models were created. In addition, the Solow neoclassical economic growth model was created at the same time to explore the factors that influence economic growth.
The new classical perspective takes root in three diagnostic sources of fluctuations in growth: the productivity wedge, the capital wedge, and the labor wedge. Through the neoclassical perspective and business cycle accounting one can look at the diagnostics and find the main ‘culprits’ for fluctuations in the real economy.