Fanti, Luciano; Manfredi, Piero - Dipartimento di Economia e Management, Università … - 2003
It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the "first" stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also...