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Solow in the Tropics


  • John Toye


Although Robert Solow never applied his neoclassical growth model to an underdeveloped country, neither did he ever exclude underdeveloped countries from its scope. For a generation, the model's use to predict worldwide convergence in levels of per capita income provided the main link from growth theory to development economics. In the last two decades, augmented Solow models, endogenous growth models, and exercises in development accounting have proliferated. Nevertheless, it is argued, the formalization of development economics and the post-1980 dominance of neoclassical development economics at the World Bank were driven as much by the theory of trade distortions as by the revival of interest in growth models and growth accounting.

Suggested Citation

  • John Toye, 2009. "Solow in the Tropics," History of Political Economy, Duke University Press, vol. 41(5), pages 221-240, Supplemen.
  • Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:221-240

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    References listed on IDEAS

    1. 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.
    2. Nicholas Kaldor, 1955. "Alternative Theories of Distribution," Review of Economic Studies, Oxford University Press, vol. 23(2), pages 83-100.
    3. T. W. Swan, 1940. "Australian War Finance And Banking Policy," The Economic Record, The Economic Society of Australia, vol. 16(1), pages 50-67, June.
    4. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 13(1), pages 1-9.
    5. 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, April.
    6. 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 378-398, December.
    7. 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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