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Trevor Swan and the Neoclassical Growth Model

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  • Robert W. Dimand
  • Barbara J. Spencer

Abstract

The independent contributions of Robert Solow and the Australian economist Trevor Swan in developing the neoclassical growth model are sometimes recognized by reference to the “Solow-Swan” model, but often reference is made only to the “Solow” model. Both Solow (1956) and Swan (1956) created a simple, convenient, and powerful apparatus for finding the steady-state growth path of a one-commodity world. This paper examines the differences and similarities between Swan's and Solow's analysis and diagrams, the reasons why Solow's version received more attention, and, drawing on Swan's unpublished papers, the place of Swan's growth model in his intellectual development.

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Bibliographic Info

Article provided by Duke University Press in its journal History of Political Economy.

Volume (Year): 41 (2009)
Issue (Month): 5 (Supplement)
Pages: 107-126

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Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:107-126

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Related research

Keywords: Trevor Swan; neoclassical growth model; Robert Solow;

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References

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  1. Swan, T W, 1989. "The Principle of Effective Demand--A 'Real Life' Model," The Economic Record, The Economic Society of Australia, vol. 65(191), pages 378-98, December.
  2. T. W. Swan, 1940. "Australian War Finance And Banking Policy," The Economic Record, The Economic Society of Australia, vol. 16(1), pages 50-67, 06.
  3. W. E. G. Salter, 1959. "THE PRODUCTION FUNCTION and THE DURABILITY OF CAPITAL1," The Economic Record, The Economic Society of Australia, vol. 35(70), pages 47-66, 04.
  4. Robert Dixon, 2003. "Trevor Swan on Equilibrium Growth with Technical Progress," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 487-490, December.
  5. T. W. Swan, 1950. "Progress Report On The Trade Cycle," The Economic Record, The Economic Society of Australia, vol. 26(51), pages 186-200, December.
  6. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
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Cited by:
  1. Voosholz, Frauke, 2014. "A survey on modeling economic growth. With special interest on natural resource use," CAWM Discussion Papers 69, Center of Applied Economic Research Münster (CAWM), University of Münster.
  2. Klump, Rainer & McAdam, Peter & Willman, Alpo, 2011. "The normalized CES production function: theory and empirics," Working Paper Series 1294, European Central Bank.
  3. Laurent Cellarier & Richard Day, 2011. "Structural instability and alternative development scenarios," Journal of Population Economics, Springer, vol. 24(3), pages 1165-1180, July.

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