...Finally, our discussion allows us to comment on the relationship between those two admirable, momentous papers, Swan's and Arrow's. Both were published in the early '60, and neither author knew of the other's work. Arrow found that "as in many growth models, the rates of growth of the variables do not depend on savings bahavior; however, their levels do", and did not explain why; Swan on the other hand did give the explanation,i.e., the Swan proposition; but did not provide a concrete production model which had a steady state growth at a rate higher than the natural. Thus, they nicely complement each other in clearing the ground for endogenous, as well as exogenous, growth theory.

Exogenous and endogenous growth in the Solow and Arrow models, and the Swan Proposition

COSTA, GIACOMO
2003-01-01

Abstract

...Finally, our discussion allows us to comment on the relationship between those two admirable, momentous papers, Swan's and Arrow's. Both were published in the early '60, and neither author knew of the other's work. Arrow found that "as in many growth models, the rates of growth of the variables do not depend on savings bahavior; however, their levels do", and did not explain why; Swan on the other hand did give the explanation,i.e., the Swan proposition; but did not provide a concrete production model which had a steady state growth at a rate higher than the natural. Thus, they nicely complement each other in clearing the ground for endogenous, as well as exogenous, growth theory.
Costa, Giacomo
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11568/76016
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