Title: Dialectics of the Neoclassical Growth Model: Implications for Economic Growth
Abstract: The first wide-ranging attempt at thought-provoking growth processes produced the exogenous growth model otherwise known and referred to as the neoclassical growth model. It assumes amongst others, a diminishing rate of returns to physical capital in the production process as well as endogeneity of population growth and technological change. This paper takes a dialectical look at the neoclassical growth model and pays particular attention to the implications in the presence of changes in growth-investment parameters: depreciation rate, population growth rate and the growth rate of savings.
Publication Year: 2013
Publication Date: 2013-03-08
Language: en
Type: article
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Cited By Count: 1
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