Solow-Swan Neoclassical Growth Model
솔로-스완 경제성장 모형
A foundational macroeconomic growth model demonstrating that capital accumulation alone leads to diminishing marginal returns and a stationary steady state, with exogenous technological progress serving as the sole engine of long-run per capita economic growth.
| Field | Economics |
|---|---|
| Level of analysis | Macro · Structures & Institutions |
| Paradigm | Rational Choice Structuralism |
| Key figures | 👤 Robert Solow (로버트 솔로) |
| Year | 1956 |
Key Claims
Robert Solow and Trevor Swan established the benchmark model of neoclassical macroeconomics. Incorporating diminishing marginal productivity of capital and labor with constant returns to scale, the model proves that capital deepening eventually reaches a steady state where savings only offset depreciation and labor force growth. Sustained long-run expansion in living standards is exclusively driven by technological progress (Total Factor Productivity / Solow residual).
Further Reading
- Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65–94.
- Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334–361.
Related theories 3개
A foundational theoretical framework in economics addressing Endogenous Growth Theory at the macro level of analysis.
A foundational theoretical framework in economics addressing Human Capital Theory at the micro level of analysis.
A foundational theoretical framework in economics addressing Permanent Income Hypothesis at the micro level of analysis.