The aims of this study are i) to match possible theoretical goals with economic policy goals which are required for the development strategy and ii) to show the quantities required in order to reach those goals. This paper also assumes that the goals cannot be necessarily profit maximization,...

This study is only a short reminder which emphasizes some important characteristics of steady-state. According to the study, since constant returns to scale conditions imply full capacity or full employment and it is compatible with steady-state, then, steady-state conditions indicate full...

This study points out to a contradiction between increasing returns to scale assumption and steady-state or long run equilibrium or balanced growth analysis in models of endogenous growth. The paper reminds the necessity of the constant returns to scale assumption in models of economic growth,...

This study proposes a testing procedure for neoclassical and Kaldorian perspectives to analyze sources of growth. If the Solow model is valid, then supply-side implications will be important. However, if the Kaldor model is valid, then it means that both supply-side and demand-side explanations...

The textbook explanation of the Solow model assumes implicitly that there are stationary, rather than steady-state, conditions. This study shows that the stationary-state conditions assumption is not compatible with the neoclassical postulate. The Solow model explains long term equilibrium at...

The purpose of this study is to examine relationship among returns to scale, returns to factors and the shape of the production possibility frontier under Cobb–Douglas production function. The study asks the following question: How can production possibility frontier be drawn (a) if returns to...

The purpose of this paper is to examine the sensitivity of the Turkish economy's natural rate of growth to the actual rate of growth, covering the period 1980-2008. To determine the reason why the natural rate of growth is endogenous, the long-run and the causality relationships between real...

This study emphasizes the necessity of the Harrod-neutral identification of technological progress for the models of economic growth, which use Cobb–Douglas production function and which are based on stability. Some of the important studies, which reviewed a balanced growth path or a steady...