This survey of Robert M. Solow's neoclassical growth model contains a brief description of the model and answers to questions of why this model is an important advance for economics. It is shown that the neoclassical growth mode l has not been limited to the study of growth, but has also played a central role in organizing and guiding subsequent aggregate economic research on public finance, business cycle fluctuations, and financia l markets. This and another survey of Solow's contributions to econom ics are followed by a bibliography of Solow's publications, 1950-87.
No takes yet. Share an insight, caveat, or question.
Edward C. Prescott (1988) studied this question.