Trevor Swan on equilibrium growth with technical progress

Abstract

There is an important difference between Swan's 1956 exposition of neoclassical growth and that of Solow. In particular, Swan's focus is on the output-capital ratio and its behaviour over time while Solow's focus is on the capital-labour ratio and its behaviour over time. Related to this, is the clear (and correct) statement to be found in Swan's article of the behaviour of the output-capital ratio in equilibrium and the determination of the equilibrium rate of growth of output in the presence of technological progress.