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The last 50 years in growth theory and the next 10

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Article

Solow, Robert M.

Oxford Review of Economic Policy

2007

23

1

Spring

3-14

economic growth ; economic theory ; growth model

Economics

https://academic.oup.com/oxrep/issue

English

Bibliogr.

"This article offers a personal view of the main achievements of (broadly) neoclassical growth theory, along with a few of the important gaps that remain. It discusses briefly the pluses and minuses of two major recent lines of research: endogenous growth theory and the drawing of causal inferences from international cross-sections, and criticizes the widespread contemporary tendency to convert the normative Ramsey model into a positive representative-agent macroeconomic model applying at all frequencies. Finally, it comments on the articles appearing in this symposium. "

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