Savings and Economic Growth in Neoclassical Theory
In neoclassical economics economic growth depends upon savings. The paper discusses problems with this conventional view, and how these have been tackled, from pre-Solowian authors up to the recent New or Endogenous Growth Theory (EGT). These difficulties became particularly clear with the Solow-Swan model of growth in which the savings rate did not affect the rate of growth. In the absence of exogenous circumstances, savings would only depress the marginal productivity of capital forcing the economy towards a stationary state. The paper interprets EGT as an attempt to react to this gloomy theoretical prospect. The paper examines various difficulties with this attempt. Copyright 1999 by Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 23 (1999)
Issue (Month): 6 (November)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Fax: 01865 267 985
Web page: http://www.cje.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:23:y:1999:i:6:p:771-93. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.