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Elements Of The Neoclassical Growth Theory

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  • Florina Popa

Abstract

One of the relevant components of the contemporary economic science is the economic growth theory, the economic background of the time leading to new guidelines of the research. The neoclassical growth theory - the core of modern analysis - explains how the capital accumulation and technological changes affect the economy, significant for the analysis of the economic growth process being the Solow’s neoclassical growth model. The paper brief describes the elements of the economic growth model developed by Solow, both for the situation when it allows the explanation of extensive growth and that wherein the growth is of intensive nature, as a result of the intervention of exogenous technical progress – a determinant of factors productivity growth. It is highlighted the importance of the exogenous neoclassical model, proposed by Solow, who showed the determinant role of the technical progress in the economic growth phenomenon.

Suggested Citation

  • Florina Popa, 2014. "Elements Of The Neoclassical Growth Theory," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 20.
    • Handle: RePEc:bac:fsecub:14-20-03
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    File URL: http://sceco.ub.ro/DATABASE/repec/pdf/2014/20142003.pdf
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    References listed on IDEAS

    as
    1. Dinu MARIN & Cristian SOCOL, 2006. "From Solow Model to endogenous economic growth – Romania’s reinsertion into civilization?," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 0(1), pages 122-127.
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    Cited by:

    1. Safwat Alaa & Salah Ashraf & Elsherif Marwa, 2021. "The Impact of Foreign Direct Investment on the Economic Growth of Egypt (1980-2018)," International Journal of Economics and Financial Issues, Econjournals, vol. 11(5), pages 74-85.

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    More about this item

    Keywords

    neoclassical theory; growth; Solow’s model; technical progress;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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