... either an illuminating parable, or else a mere device for handling data, to be used so long as it gives good empirical results, and to be abandoned as soon as it doesnt, or as soon as something else better comes along" (Solow, 1966). Wan (1971) reflects this view when he argues that Solow's (1957) path-breaking approach may be defended on the ... productivity theory of factor pricing were to be abandoned, there would perhaps be little left of neoclassical macroeconomics. Of course, whether something is well known or not is a rather subjective matter. One commentator on this debate disin...

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• Approx Pages: 44
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• Grade Level: Undergraduate