Explaining neoclassical economists' pro-growth agenda: does the popular Solow growth model bias economic analysis?
by Hendrik Van den Berg
International Journal of Pluralism and Economics Education (IJPEE), Vol. 3, No. 1, 2012

Abstract: The Solow model concludes that long-run growth depends on technological progress, which is taken by neoclassical economists as suggesting there are no limits to growth because humanity's capacity to think and expand knowledge is unlimited. This paper develops a two-sector Solow model consisting of natural and economic sectors, and it demonstrates that continued rapid growth is not inevitable and an economic collapse is possible. The logical application of the Solow model thus does not provide a justification for continuing the energy-based technological change and economic growth we have experienced over the past two centuries.

Online publication date: Sat, 16-Aug-2014

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