Dialectics of the Neoclassical Growth Model: Implications for Economic Growth

Unizik Journal of Economic Studies, 10(1), 95-104

9 Pages Posted: 7 Feb 2019

See all articles by Ebele Nwokoye

Ebele Nwokoye

Nnamdi Azikiwe University - Department of Economics

Amaka Metu

Nnamdi Azikiwe University - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: March 10, 2013

Abstract

The first wide-ranging attempt at thought-provoking growth processes produced the exogenous growth model otherwise known and referred to as the neoclassical growth model. It assumes amongst others, a diminishing rate of returns to physical capital in the production process as well as erogeneity of population growth and technological change. This paper takes a dialectical look at the neoclassical growth model and pays particular attention to the implications in the presence of changes in growth-investment parameters: depreciation rate, population growth rate and the growth rate of savings.

Keywords: economic growth, gross domestic product, neoclassical growth model, steady state

Suggested Citation

Nwokoye (nee Nwabude), Ebele and Metu, Amaka Gertrude, Dialectics of the Neoclassical Growth Model: Implications for Economic Growth (March 10, 2013). Unizik Journal of Economic Studies, 10(1), 95-104. Available at SSRN: https://ssrn.com/abstract=3306613

Ebele Nwokoye (nee Nwabude) (Contact Author)

Nnamdi Azikiwe University - Department of Economics ( email )

Enugu-Onitsha Expressway
Nnamdi Azikiwe University
Awka, Anambra
Nigeria

HOME PAGE: http://www.unizik.edu.ng/profile/nwokoyees

Amaka Gertrude Metu

Nnamdi Azikiwe University - Department of Economics ( email )

Enugu-Onitsha Expressway
Nnamdi Azikiwe University
Awka, Anambra
Nigeria

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