| 单词 | Solow growth model |
| 释义 | Solow growth model A model in which the growth of total GDP is explained by population increase, technical progress, and investment. In this model there is full employment, with an aggregate production function showing constant returns to scale. In the long run the rate of growth of GDP is determined by population growth and the rate of technical progress. Higher investment can speed up growth temporarily, but as the capital-output ratio rises, an increasing proportion of GDP needs to be invested to equip the increasing labour force, and the capital-output ratio converges towards a finite limit, however high a proportion of GDP is invested. Similarly, low investment slows down growth, but the capital-output ratio falls towards a lower limit which is always positive for positive investment. This type of model is contrasted both with Harrod-Domar growth model, which discuss the difficulties in maintaining full employment growth, and with endogenous growth models, in which a higher or lower share of investment in GDP has a permanent effect on the growth rate. |
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