Modern growth theory derives mostly from Robert Solow's “A Contribution to the Theory of Economic Growth” (1956). Solow's own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the...

Many successful examples of economic development, such as South Korea, exhibit long periods of sustained capital accumulation. This process is characterized by a gradually rising investment rate along with a moderate rate of return to capital, both of which are strongly at odds with the standard...

Uzawa's steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The...

The purpose of this paper is to synthesize the three results in the existing literature (and to add a fourth result) in a single unified framework and thus to identify the conditions under which the capital-exporting and capital-importing countries gain from international financial integration....

The publication of the book Capital in the Twenty-First Century by Piketty helped to increase the debate about the prospects of the evolution of income and wealth inequality in this century. One of the main controversies is about the effects to the income and wealth inequalities of a decrease in...

This paper uses the Solow model to examine the economic growth and convergence in Asia and compares it with the experience of the rest of the world. The per capita income is positively correlated with savings rate and negatively correlated with population growth rate. The explanatory power of...

In this paper, we study convergence in per capita gross regional products across Russian regions in the period from 1996 to 2017. To this purpose, we estimate growth equations, which are directly derived from a neoclassical growth model, augmented with human capital and migration. To our...

A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function,...