Trevor Swan and the Neoclassical Growth Model
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and Solow's analysis and diagrams, the reasons why Solow's version received more attention, and, drawing on Swan's unpublished papers, the place of Swan's growth model in his intellectual development.
Volume (Year): 41 (2009)
Issue (Month): 5 (Supplement)
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- 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.
- J. v. Neumann, 1945. "A Model of General Economic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 13(1), pages 1-9.
- 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.
- T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
- 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.
- Nicholas Kaldor, 1955. "Alternative Theories of Distribution," Review of Economic Studies, Oxford University Press, vol. 23(2), pages 83-100.
- 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.
- 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.
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