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American Economist Robert Solow developed Solow growth model in the 1930s. Solow growth model is a neoclassical model of long run economic growth which relates growth in an economy to productivity, capital accumulation, population growth and a process for technology accumulation. Solow growth model explains the method of combination of these features into a neoclassical framework resulting in steady state level of capital, which in turn results in balanced growth of output per person. The focus of the Solow growth model is supply side of the economy contrary to the Keynesian model focusing on the demand side of the economy like unemployment and inflation.

In the static version of the Solow growth model, the supply side of the economy is characterized by a production function namely Ys = F (K, L), where Ys is the aggregate output supply, K is the capital stock and L is the labour. There are three main assumptions of the production function here. One is the increasing production function in each input and diminishing marginal output. The second one is that nothing is produced with either zero unit of capital or labour. The third one is the assumption of constant returns to scale for the production function.

Regarding the demand side of the economy, no disposal of income is assumed. Thus, output demand is supposed to be equivalent to the sum of consumption and investment. In equilibrium, supply is assumed equal to demand. In the dynamic version of the Solow growth model, a capital accumulation mechanism is introduced into the model. The two main factors involved in the capital accumulation mechanism include investment and depreciation. The Solow growth model shows how the economy changes over time, given the initial capital stock and reaches a steady state. In this steady state, the amount of depreciation equals amount of investment. Once the economy reaches the steady state equilibrium, it will not move from that state. Thus, it is a long-term equilibrium and the Solow model shows the transition of the economy from the initial state to the steady state equilibrium. Comparative statics show how the changes in an exogenous variable affect equilibrium. In the steady state, saving rate is the main determinant of level of per worker capital stock. The consumption level in the long term is maximized using the golden rule of capital stock. The population growth is assumed to affect capital stock accumulation negatively, based on this model. Empirical evidence, do not support none of these factors explaining sustained economic growth.

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