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The Solow Residual
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We discuss what is meant by the Solow Residual. We then show this definition mathematically using simple growth rate rules, and how this can be estimated using growth accounting. This residual makes up a large fraction of growth, but it is not explained in the Solow Growth model. This has given rise to endogenous growth models.
Check out the Solow Growth Model playlist for past videos to get up to speed with the assumptions and key equations.
Robert M. Solow, A Contribution to the Theory of Economic Growth, The Quarterly Journal of Economics, Volume 70, Issue 1, February 1956, Pages 65–94
Subscribe for more videos looking at everything to do with the subject of economics. Put suggestions for video ideas in the comments section below and any feedback offered would be greatly appreciated.
Check out the Solow Growth Model playlist for past videos to get up to speed with the assumptions and key equations.
Robert M. Solow, A Contribution to the Theory of Economic Growth, The Quarterly Journal of Economics, Volume 70, Issue 1, February 1956, Pages 65–94
Subscribe for more videos looking at everything to do with the subject of economics. Put suggestions for video ideas in the comments section below and any feedback offered would be greatly appreciated.
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