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Trevor Swan on Equilibrium Growth with Technical Progress

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  • Robert Dixon

Abstract

There is an important difference between Swan's 1956 exposition of neoclassical growth and that of Solow. In particular, Swan's focus is on the output–capital ratio and its behaviour over time while Solow's focus is on the capital–labour ratio and its behaviour over time. Related to this, is the clear (and correct) statement to be found in Swan's article of the behaviour of the output–capital ratio in equilibrium and the determination of the equilibrium rate of growth of output in the presence of technological progress.

Suggested Citation

  • 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.
    • Handle: RePEc:bla:ecorec:v:79:y:2003:i:247:p:487-490
    DOI: 10.1111/j.1475-4932.2003.00147.x
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Pitchford, John D, 2002. "Trevor Swan's 1956 Economic Growth 'Seminar' and Notes on Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 381-387, December.
    3. John D. Pitchford, 2002. "Trevor Swan’s 1956 Economic Growth ‘Seminar’ and Notes on Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 381-387, December.
    4. Trevor W. Swan, 2002. "Economic Growth," The Economic Record, The Economic Society of Australia, vol. 78(243), pages 375-380, December.
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    Cited by:

    1. Voxi Heinrich Amavilah, 2005. "Solow and the Native Americans: Technological Residuals and the Economic Performance of U.S. Native American Economies," Development and Comp Systems 0505008, University Library of Munich, Germany.
    2. Robert Dixon & G. C. Lim, 2013. "A univariate model of aggregate labour productivity," Applied Economics, Taylor & Francis Journals, vol. 45(18), pages 2695-2695, June.
    3. Voxi Heinrich S Amavilah & Richard T. Newcomb, 2004. "Economic Growth and the Financial Economics of Capital Accumulation under Shifting Technological Change," GE, Growth, Math methods 0404001, University Library of Munich, Germany.
    4. Voxi Heinrich Amavilah, 2004. "Apparent Solow- and Solow-like Technological Residuals and the Economic Performance of U.S. Native American Economies," Development and Comp Systems 0406004, University Library of Munich, Germany.
    5. Robert W. Dimand & Barbara J. Spencer, 2009. "Trevor Swan and the Neoclassical Growth Model," History of Political Economy, Duke University Press, vol. 41(5), pages 107-126, Supplemen.
    6. Barbara J. Spencer & Robert W. Dimand, 2010. "The Diagrams of the Solow-Swan Growth Model," Chapters, in: Mark Blaug & Peter Lloyd (ed.), Famous Figures and Diagrams in Economics, chapter 56, Edward Elgar Publishing.

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