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Oxford Review of Economic Policy 2007 23(1):3-14; doi:10.1093/oxrep/grm004
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Copyright © The Author 2007. Published by Oxford University Press.

The last 50 years in growth theory and the next 10

Robert M. Solow*
* Massachusetts Institute of Technology


  Abstract

This article offers a personal view of the main achievements of (broadly) neoclassical growth theory, along with a few of the important gaps that remain. It discusses briefly the pluses and minuses of two major recent lines of research: endogenous growth theory and the drawing of causal inferences from international cross-sections, and criticizes the widespread contemporary tendency to convert the normative Ramsey model into a positive representative-agent macroeconomic model applying at all frequencies. Finally, it comments on the articles appearing in this symposium.

Key Words: Solow growth model • growth theory • 1956 anniversary


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