MRW model of growth: foundation, developments, and empirical evidence


Author: Assoc. prof. Mariya Neycheva, PhD (Burgas Free University)

Keywords: neoclassical growth model, MRW model, human capital, education

The paper focuses on the neoclassical model of growth with human capital Abstract: developed by Mankiw, Romer and Weil (1992) as one of the most widely used theoretical model and estimation tool in the studies which examine the sources of economic growth. A mathematical description of both the steady state and the short-run dynamics is presented. Additionally, key contributions to the model in relation to structural changes or econometric modifications have been discussed.

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