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Macroeconomic Theory$
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Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

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(p.3) 1 Growth
Macroeconomic Theory

Jean-Pascal Bénassy

Oxford University Press

This chapter commences with the so-called exogenous growth models. It describes the most classic model of the domain, the Solow-Swan model, which explains principally increases in national production by factor accumulation. Also, it presents the short-run equilibrium and the dynamics of Slow-Swan model, and sets forth the exogenous technical progress. The chapter then examines the problem of convergence across different economies, and illustrates a model having two accumulated factors: physical capital and human capital.

Keywords:   exogenous growth models, Solow-Swan model, economies, physical capital, human capital

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