The Solow Growth Model

Mixon, J. Wilson; Sockwell, W. D.

doi:10.3200/jece.38.4.483

Cited by 8 publications

(3 citation statements)

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“…The Harrod-Domar model focuses on the level of savings and countries' capital-output ratio as primary factors [8]. The Solow-Swan model extends the Harrod-Domar model and describes economic growth as a dynamic input and output process, whereas the input factors are capital, labor, and technology [9]. If the input factors change, the output is affected.…”

Section: Neo-classical Growth Modelmentioning

confidence: 99%

Innovation as a Determinant of Growth in Outperforming Emerging Markets: An Analysis of South Korea

et al. 2021

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Emerging economies and their speed of growth, competitiveness, and resilience are of great interest globally due to the high potential investors see in them. Innovation is one of the factors recognized to be the common ground of significantly outperforming economies. Therefore, identifying innovation benchmarks and how they impact economic success is relevant for a more straightforward evaluation of innovation in a country. This research focuses on the quantitative parts of innovation. Firstly, governmental interference, knowledge flows and networks, cultural and societal preconditions, and openness towards change are identified as notably relevant innovation enhancing factors in South Korea through case study analyses. Then, an analysis of the impact of quantitative innovation factors on the GDP in South Korea is conducted. The impact of quantifiable innovation factors, identified through literature review, on the GDP as the benchmark for economic growth is tested from 1995 until 2018 through a linear, multiple least squares regression to identify significant relationships between the chosen variables. Two out of five selected quantitative innovation factors have a statistically significant impact on the economic growth in the used model. The number of researchers per million people and the patent grants of residents is identified to be impactful innovation benchmarks.

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Section: Neo-classical Growth Modelmentioning

confidence: 99%

Innovation as a Determinant of Growth in Outperforming Emerging Markets: An Analysis of South Korea

et al. 2021

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“…In Solow growth model or neoclassical growth model, population growth increase the growth rate of total output but no permanent increase in per capita output (Mixon & Sockwell, 2007). Moreover, endogenous growth model also focuses on the role of Population growth, Human capital and investment on economic growth.…”

Section: Population Growth and Economic Growthmentioning

confidence: 99%

The Impact of Population on Economic Growth Evidence From Pakistan

Jan¹

2021

pjia

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Growing population is one of the major component of economic growth. The existing theoretical and empirical literature have found both positive and negative impact of population on economic growth. This paper inspects the impact of population on economic growth of Pakistan for the time period of 1961 to 2020. Data on dependent and independent variables were taken from world development indicator. Moreover, the study used (ARDL) to analyze the data. Findings of this study indicates that Population and Crude death rate have positive effect on economic growth in the short and long run. While, Fertility has a negative effect on economic growth in both short and long run. Finally, the result of this study are unbiased as evidenced by different diagnostic test used

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“…Undergraduate teaching ( Mixon and Sockwell, 2007 ; Stein, 2007 ; Jones and Vollrath, 2013 ) generally interpreted Eq. (1) as part of a larger “mechanistic model” describing the long-term growth of a country’s economy using merely two explanatory variables, labor and capital, ignoring (at first) distinctions within labor and capital.…”

Section: Introductionmentioning

confidence: 99%