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...

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...

This study estimates and tests the endogeneity of the natural rate of growth using the balance-of-payments consistent rate of growth (BPCRG) instead of the actual rate of growth. Our approach is also theoretically compatible with the one proposed by Thirlwall (2001). Following this idea, we...