Growth Theory

by Robert M. Solow

Published June 1970
This book is based on the author's Radcliffe Lectures, delivered at the University of Warwick, It presents a selective survey of the modern aggregative theory of economic growth. It is organized around the Harrod-Domar conditions for equilibrium in a growing economy. Successive chapters show how the character of full employment growth equilibrium changes and enlarges as more complicated assumptions are made about technology, invention, saving, and the existence of monetary assets. The last two chapters explore some general policy issues, and include an elementary exposition of the problem of optimal paths of capital accumulation, and the discounting of the beneifts of public investments.