Neoclassical Economic Growth Models: A Review

Abstract

Understanding economic growth and factors contributing to this process is the ultimate goal of economics. Economic growth theory has undergone a more than 200 year development history if we consider classical political economy as a starting point, while neoclassical growth theory has emerged only after the Second World War. However, it has made many contributions to growth theory. That is why most of review studies focused on the growth models of this school. It is noteworthy that previous reviews only emphasized theoretical models and major empirical discoveries but did not elucidate the evolution in neoclassical growth theory. This is the gap that this study addresses.