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R.M. Solow Adjusted Model of Economic Growth

Author

Listed:
  • Ion Gh. Rosca

    (Academy of Economic Studies, Bucharest)

  • Stelian Stancu

    (Academy of Economic Studies, Bucharest)

Abstract

Besides the models of M. Keynes, R.F. Harrod, E. Domar, D. Romer, Ramsey-Cass-Koopmans etc., the R.M. Solow model is part of the category which characterizes the economic growth. The paper proposes the study of the R.M. Solow adjusted model of economic growth, while the adjustment consisting in the model adaptation to the Romanian economic characteristics. The article is the first one from a three paper series dedicated to the macroeconomic modelling theme, using the R.M. Solow model, such as: “Measurement of the economic growth and extensions of the R.M. Solow adjusted model” and “Evolution scenarios at the Romanian economy level using the R.M. Solow adjusted model”. The analysis part of the model is based on the study of the equilibrium to the continuous case with some interpretations of the discreet one, by using the state diagram. The optimization problem at the economic level is also used; it is built up of a specified number of representative consumers and firms in order to reveal the interaction between these elements.

Suggested Citation

  • Ion Gh. Rosca & Stelian Stancu, 2007. "R.M. Solow Adjusted Model of Economic Growth," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(510)), pages 3-6, May.
    • Handle: RePEc:agr:journl:v:5(510):y:2007:i:5(510):p:3-6
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