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Trevor Swan on Equilibrium Growth with Technical Progress
Author(s) -
Dixon Robert
Publication year - 2003
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.2003.00147.x
Subject(s) - economics , capital (architecture) , exposition (narrative) , growth accounting , macroeconomics , mathematical economics , keynesian economics , technical progress , neoclassical economics , econometrics , total factor productivity , art , literature , archaeology , productivity , history
There is an important difference between Swan's 1956 exposition of neoclassical growth and that of Solow. In particular, Swan's focus is on the output–capital ratio and its behaviour over time while Solow's focus is on the capital–labour ratio and its behaviour over time. Related to this, is the clear (and correct) statement to be found in Swan's article of the behaviour of the output–capital ratio in equilibrium and the determination of the equilibrium rate of growth of output in the presence of technological progress.