Year: 2025
Type: article
Abstract: This study embarks on a comprehensive journey into the intricate and multifaceted world of economic growth models, with a particular emphasis on the mathematical principles that underpin and drive them. At its very core, it meticulously examines the Solow Growth model, a fundamental and highly influential theory that has long been a cornerstone in the realm of economics. Through the sophisticated application of differential equations, the Solow model constructs a dynamic and powerful framework designed to analyze the long - term evolution of economies with remarkable precision. Capital accumulation, which encompasses the gradual process by which an economy builds up its stock of physical capital, such as machinery and infrastructure, as well as human capital through education and training, is identified as a key driver of growth. Meanwhile, labor or population growth supplies the necessary workforce for production, ensuring the continuous operation of economic activities. Technological progress, often considered the most transformative and game - changing factor, continuously enhances productivity by introducing new methods, tools, and knowledge. Together, these elements are not only crucial for gaining a deep - rooted understanding of the underlying mechanisms of economic growth but also for formulating well - informed policies that can effectively foster sustainable development in the long run.
Source: Theoretical and Natural Science
Author: Rodney Lin
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4410899459