criticism of neoclassical growth model

Criticism of the Solow’s Model. right attachment is snapped on, the simple neoclassical model can be extended to encompass increasing and decreasing returns to scale, natural resources, human capital, endogenous population growth and endogenous technological change all without major alteration in the character of the model. Assumptions of the Solow’s Model 2. In the opin­ion of some de­vel­op­ers of an al­ter­na­tive ap­proach, the pur­pose of neo­clas­si­cal eco­nom­ics is "to demon­strate the so­cial op­ti­mal­ity if the real world were to re­sem­ble the model", not "to ex­plain the real world as ob­served empirically".

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