Mathematical Framework
The Solow growth model can be described by the interaction of five basic macroeconomic equations:
- Macro-production function
- GDP equation
- Savings function
- Change in capital
- Change in workforce
Read more about this topic: Neoclassical Growth Model
Famous quotes containing the words mathematical and/or framework:
“An accurate charting of the American woman’s progress through history might look more like a corkscrew tilted slightly to one side, its loops inching closer to the line of freedom with the passage of time—but like a mathematical curve approaching infinity, never touching its goal. . . . Each time, the spiral turns her back just short of the finish line.”
—Susan Faludi (20th century)
“Seeing our common-sense conceptual framework for mental phenomena as a theory brings a simple and unifying organization to most of the major topics in the philosophy of mind.”
—Paul M. Churchland (b. 1942)