The Solow Model and Standard of Living
All across the world, living standards vary significantly. The Solow growth model, developed by Nobel Prize winning economist Robert Solow in 1956, is still one of the most commonly used models in economics to explain economic growth. This paper will outline the Solow growth model, and its assertion...
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| Format: | Article |
| Language: | English |
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University of South Florida
2017-03-01
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| Series: | Undergraduate Journal of Mathematical Modeling: One + Two |
| Online Access: | https://scholarcommons.usf.edu/ujmm/vol7/iss2/5/ |
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Article |
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doaj-47919c1b9d1f48ce8e62726d94a067252020-11-25T00:28:50ZengUniversity of South FloridaUndergraduate Journal of Mathematical Modeling: One + Two2326-36522326-36522017-03-01725The Solow Model and Standard of LivingEric Frey0University of South FloridaAll across the world, living standards vary significantly. The Solow growth model, developed by Nobel Prize winning economist Robert Solow in 1956, is still one of the most commonly used models in economics to explain economic growth. This paper will outline the Solow growth model, and its assertion that increases in total factor productivity (TFP) can lead to limitless increases in the standard of living in a country. Much of the mathematical notation and explanation has been derived from Stephen Williamson of Washington University. Additionally, it will provide empirical examples illustrating the model’s ability to match real-world data. https://scholarcommons.usf.edu/ujmm/vol7/iss2/5/ |
| collection |
DOAJ |
| language |
English |
| format |
Article |
| sources |
DOAJ |
| author |
Eric Frey |
| spellingShingle |
Eric Frey The Solow Model and Standard of Living Undergraduate Journal of Mathematical Modeling: One + Two |
| author_facet |
Eric Frey |
| author_sort |
Eric Frey |
| title |
The Solow Model and Standard of Living |
| title_short |
The Solow Model and Standard of Living |
| title_full |
The Solow Model and Standard of Living |
| title_fullStr |
The Solow Model and Standard of Living |
| title_full_unstemmed |
The Solow Model and Standard of Living |
| title_sort |
solow model and standard of living |
| publisher |
University of South Florida |
| series |
Undergraduate Journal of Mathematical Modeling: One + Two |
| issn |
2326-3652 2326-3652 |
| publishDate |
2017-03-01 |
| description |
All across the world, living standards vary significantly. The Solow growth model, developed by Nobel Prize winning economist Robert Solow in 1956, is still one of the most commonly used models in economics to explain economic growth. This paper will outline the Solow growth model, and its assertion that increases in total factor productivity (TFP) can lead to limitless increases in the standard of living in a country. Much of the mathematical notation and explanation has been derived from Stephen Williamson of Washington University. Additionally, it will provide empirical examples illustrating the model’s ability to match real-world data.
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| url |
https://scholarcommons.usf.edu/ujmm/vol7/iss2/5/ |
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