Trevor Swan on Equilibrium Growth with Technical Progress

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 t...

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Bibliographic Details
Published in:The Economic record 2003-12, Vol.79 (247), p.487-490
Main Author: Dixon, Robert
Format: Article
Language:English
Subjects:
Capital
Capital stock
Capital-labour ratio
Economic analysis
Economic growth
Economic theory
Equilibrium
Growth models
Growth theory
Output
Output rate
Studies
Swan, Trevor
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Summary: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.
ISSN:0013-0249
1475-4932
DOI:10.1111/j.1475-4932.2003.00147.x