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Solow Model of Economic Growth: Application to Contemporary Macroeconomic Issues [Hardback]

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  • Formāts: Hardback, 248 pages, height x width: 234x156 mm, weight: 453 g, 31 Line drawings, black and white; 31 Illustrations, black and white
  • Sērija : Routledge Studies in Economic Theory, Method and Philosophy
  • Izdošanas datums: 21-Oct-2022
  • Izdevniecība: Routledge
  • ISBN-10: 1032347759
  • ISBN-13: 9781032347752
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  • Cena: 171,76 €
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Solow Model of Economic Growth: Application to Contemporary Macroeconomic IssuesPalielināt
  • Formāts: Hardback, 248 pages, height x width: 234x156 mm, weight: 453 g, 31 Line drawings, black and white; 31 Illustrations, black and white
  • Sērija : Routledge Studies in Economic Theory, Method and Philosophy
  • Izdošanas datums: 21-Oct-2022
  • Izdevniecība: Routledge
  • ISBN-10: 1032347759
  • ISBN-13: 9781032347752
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781032347752.html
Keywords:
"In 1956, Solow proposed a neoclassical growth model in opposition or as an alternative to Keynesian growth models. The Solow model of economic growth provided foundations for models embedded in the new theory of economic growth, known as the theory of endogenous growth, such as the renowned growth models developed by Paul M. Romer and Robert E. Lucas in the 1980s and 90s. The augmentations of the Solow model described in this book, excepting the Phelps golden rules of capital accumulation and the Mankiw-Romer-Weil and Nonneman-Vanhoudt models, were developed by the authors over the last two decades. The book identifies six spheres of interest in modern macroeconomic theory: the impact of fiscal and monetary policy on growth; the effect of different returns to scale on production; the influence of mobility of factors of production among different countries on their development; the effect of population dynamics on growth; the periodicity of investment rates and their influence on growth; and the effect of exogenous shocks in the form of an epidemic. For each of these issues, the authors construct and analyze an appropriate growth model that focuses on the description of the specific macroeconomic problem. This book not only continues the neoclassical tradition of thought in economics focused on quantitative economic change but also, and to a significant extent, discusses alternative approaches to certain questions of economic growth, utilizing conclusions that can be drawn from the Solow model. It is a useful tool in analyzing contemporary issues related to growth"--

This book not only continues the neoclassical tradition of thought in economics focused on quantitative economic change but also, and to a significant extent, discusses alternative approaches to certain questions of economic growth, utilizing conclusions that can be drawn from the Solow model.

List of figures
xi
List of tables
xiii
Author biographies xv
Introduction 1(5)
1 R. M. Solow's inspirations
6(10)
1.1 Introduction
6(1)
1.2 Harrod's equilibrium
7(2)
1.3 Domar's equilibrium
9(2)
1.4 Kaldor's economic growth model
11(1)
1.5 Principle of the original Solow economic growth model
12(2)
1.6 Conclusions
14(2)
2 The Solow model
16(25)
2.1 Introduction
16(1)
2.2 The Solow model with a neoclassical production function
16(7)
2.3 Special cases
23(14)
2.3.1 The Cobb-Douglas production function
24(7)
2.3.2 The CES production function
31(6)
2.4 Phelps'golden rules of capital accumulation
37(1)
2.5 Conclusions
38(3)
3 Generalizations of the Solow model (the Man kiw-Romer-Weil and Nonneman-Vanhoudt models)
41(45)
3.1 Introduction
41(1)
3.2 The two-capital Mankiw-Romer-Weil model (a model of human capital accumulation)
41(18)
3.2.1 The model with a neoclassical production function
41(8)
3.2.2 A model with the Cobb-Douglas production function
49(2)
3.2.3 A model with the CES production function
51(5)
3.2.4 Golden rules of accumulation in the Mankiw-Romer-Weil model
56(3)
3.3 The multi-capital Nonneman-Vanhoudt model
59(24)
3.3.1 The model with a neoclassical production function
59(13)
3.3.2 A model with the Cobb-Douglas production function
72(2)
3.3.3 A model with the CES production function
74(6)
3.3.4 Golden rules of accumulation in the Nonneman-Vanhoudt model
80(3)
3.4 Conclusions
83(3)
4 Fiscal and monetary policy vs economic growth
86(23)
4.1 Introduction
86(1)
4.2 Fiscal policy in a Mankiw-Romer-Weil model
87(12)
4.2.1 The basic model
87(9)
4.2.2 A model with public capital
96(3)
4.3 Monetary rules in a Domar-Solow model
99(6)
4.4 Conclusions
105(4)
5 Economic growth at returns to scale conditions
109(17)
5.1 Introduction
109(1)
5.2 Returns to scale in a single-capital (Solow) model
109(4)
5.3 Returns to scale in a two-capital (Mankiw-Romer-Weil) model
113(4)
5.4 Returns to scale in a multiple-capital (Nonneman-Vanhoudt) model
117(4)
5.5 Golden rules of capital accumulation at returns to scale conditions
121(4)
5.6 Conclusions
125(1)
6 Bipolar growth models with investment flows
126(41)
6.1 Introduction
126(1)
6.2 A model with exogenous investment flows
127(9)
6.3 A model with investment flows conditional on capital productivity -
136(9)
6.4 Numerical simulations of economy growth trajectories
145(19)
6.4.1 Exogenous investment flows
145(11)
6.4.2 Investment flows depending on capital productivity
156(8)
6.5 Conclusions
164(3)
7 The gravity model of economic growth
167(16)
7.1 Introduction
167(1)
7.2 Assumptions of the model
167(1)
7.3 A solution of the model
168(7)
7.4 Golden rules of capital accumulation
175(6)
7.4.1 Maximization of the geometric mean of long-run consumption per worker
176(3)
7.4.2 Maximization of long-run consumption per worker in each of the economies
179(2)
7.5 Conclusions
181(2)
8 Solow equilibrium at alternative trajectories of the number of workers
183(17)
8.1 Introduction
183(1)
8.2 Assumptions about alternative trajectories of the number of workers
184(1)
8.3 Analytical solutions
185(8)
8.3.1 Growth paths at a logistic trajectory of the number of workers
186(4)
8.3.2 Growth paths at a growth rate that drops with rising labour productivity
190(3)
8.4 Numerical simulations
193(3)
8.5 Conclusions
196(4)
9 The Solow equilibrium at sine-wave investment rates
200(10)
9.1 Introduction
200(1)
9.2 Assumptions of the model
200(1)
9.3 Equilibrium in the model
201(2)
9.4 Calibration of parameters and numerical simulations
203(5)
9.5 Conclusions
208(2)
10 SIR-Solow model
210(25)
10.1 Introduction
210(2)
10.2 An epidemiological-economic model
212(5)
10.2.1 The epidemiological module
213(2)
10.2.2 The economic module
215(2)
10.3 Calibrated model parameters
217(2)
10.3.1 Parameters of the epidemiological module
217(1)
10.3.2 Parameters of the economic module
218(1)
10.4 Scenarios and numerical simulation results
219(10)
10.5 Conclusions
229(6)
References 235(8)
Index 243
Pawe Dykas is Associate Professor at the Department of Mathematical Economics of the Jagiellonian University, Krakow, Poland.

Tomasz Tokarski is Full Professor of Economics at the Department of Mathematical Economics of the Jagiellonian University, Krakow, Poland.

Rafa Wisa is Professor of Economics at the Department of Economics and Innovation of the Jagiellonian University, Krakow, Poland.