Journal of Economic Perspectives: Vol. 8 No. 1 (Winter 1994)


Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter


JEP - All Issues

Perspectives on Growth Theory

Article Citation

Solow, Robert M. 1994. "Perspectives on Growth Theory." Journal of Economic Perspectives, 8(1): 45-54.

DOI: 10.1257/jep.8.1.45


This essay relates recent developments in growth theory to problems and ideas that first engaged R. F. Harrod, E. Domar, and their neoclassical successors. The body of 'new growth theory' began by finding special ways to assume that there are constant returns to capital. It is shown that this is a very nonrobust assumption, thus not a good basis for growth theory. More promising is the attempt to create a genuinely endogenous theory of the process of innovation. This notion has always been present in the literature or just beneath the surface. Current ideas, for all their ingenuity, may be too mechanical.

Article Full-Text Access

Full-text Article (Complimentary)


Solow, Robert M. (MIT)

JEL Classifications

O40: Economic Growth and Aggregate Productivity: General


View Comments on This Article (0) | Login to post a comment

Journal of Economic Perspectives

Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)


JEP - All Issues

Virtual Field Journals

AEA Member Login:

AEAweb | AEA Journals | Contact Us