Trevor Swan And The Neoclassical Growth Model

Robert W. Dimand · Barbara J. Spencer

49 citations0/0 files storedHistory of Political Economy

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Economic Theory and Policy Economic Growth and Productivity Historical Economic and Legal Thought

Abstract

The independent contributions of Robert Solow and the Australian economist Trevor Swan in developing the neoclassical growth model are sometimes recognized by reference to the “Solow-Swan” model, but often reference is made only to the “Solow” model. Both Solow (1956) and Swan (1956) created a simple, convenient, and powerful apparatus for finding the steady-state growth path of a one-commodity world. This paper examines the differences and similarities between Swan's and Solow's analysis and diagrams, the reasons why Solow's version received more attention, and, drawing on Swan's unpublished papers, the place of Swan's growth model in his intellectual development.

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References

1956A Contribution to the Theory of Economic Growth 1957Technical Change and the Aggregate Production Function 1954Economic Development with Unlimited Supplies of Labour 1956ECONOMIC GROWTH and CAPITAL ACCUMULATION 1961Capital-Labor Substitution and Economic Efficiency 1946Capital Expansion, Rate of Growth, and Employment 1955Alternative Theories of Distribution 1957The Theory of Monopolistic Competition

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