Abstract

PUNZO, Lionello F.. Growth theory as an unwanted child of Macro-dynamics. Inv. Econ [online]. 2018, vol.77, n.306, pp.3-20. ISSN 0185-1667.  https://doi.org/10.22201/fe.01851667p.2018.306.67802.

The story this paper tells, attempts to explain 1) how Neo-Classical growth theory happened to be simultaneously born by the hands of Solow (1956) and Swan (1956); and 2) how it carried its signature characteristics, i.e. the exogeneity of the long run growth driver. Both issues are ascribed to the heritage of unsolved problems from Macroeconomics, in its most mature version a non-linear theory of fluctuations.

Keywords : Macro-dynamics; economic cycles; technological change; economic growth.