MRW model of growth: foundation, developments, and empirical evidence
Author: Assoc. prof. Mariya Neycheva, PhD (Burgas Free University)
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.