Map of Reutte

Map of Reutte on Unfortunately, the virtuous circle of the Harrod-Domar model leads to the fact that if an economy strays from its optimal growth path it either explodes or implodes. This unrealistic characteristic lead to the search for alternative models, the most famous being the neoclassical growth model, usually associated with Robert SOLOW. Nobel Prize-winning economist Solow expanded the Harrod-Domar model by introducing labor and technology into the growth equation. By doing so, economic growth could only result either from increases in the quantity and quality of labor (i.e., population growth and education), or increases in the capital stock (i.e. Map of Reutte 2016.

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