Report: Solow Growth Model and Achieving Prosperity Without Growth

This report analyzes the Solow growth model and its relationship to achieving prosperity without continuous economic growth. It begins with an introduction to the model and its components, including capital, labor, and population. The report explores the concept of 'prosperity without growth,' referencing Tim Jackson's work and examining the limitations of traditional economic growth perspectives. It delves into the Solow residual, urbanization, and the diminishing returns concept, comparing growth rates of developed and developing nations. The analysis emphasizes the importance of political and social rights, and the need to reduce resource consumption, such as arms and ammunition. The report concludes by advocating for human development, sustainable practices, and the decoupling of economic activities to ensure a better quality of life for a growing global population. The report references various academic sources to support its arguments.

Solow growth model and Prosperity
without growth
Introduction
The economic growth model and the steps were nicely surveyed in the video, followed by
separating the edge of the capital, work and people. Economic growth of the nation was
successful from this method. The agrarian business with a tremendous degree of work drawn in
advancement (Neto, 2019).
The prosperity without growth means that after a particular level doesn't human growth become
stagnant. Tim Jackson published a book and gave a respectable graph of the possibility of social
enormity and adventure as the obligation of what might be on the horizon. The economy was
changed to make sure about the business, social endeavour, decline inequality and recognition
cash related robustness in like the way (Blum, 2017). These two accounts are related but are
continually a cutoff to the growth points of view.
Analysis

Solow residual is the move and relocation towards urban focuses accomplishing economy
improvement with headway associations. Numerous nations, this development of duty to urban
systems acknowledges high economic growth for associations to accomplish human capital as
contemplations and advancement movements. The video likewise indicates that advantages
decline according to the scale after a specific stage. From this, we can reason that making nations
register high growth, not under any condition like the created economies where there is capital
benefit is less (Bohner, 2015). This is known as the locate a useful pace influence, which joins
that poor nations make at a quicker rate obviously, contrasted with the created nations
guaranteeing. (Corchón, 2016)
Having prosperity without growth prescribes that both political and social rights ought to be
remembered for human improvement. The principal point ought to be in lessening the utilization
of arms and ammo. This would bolster the view that the Solow model which is likewise a growth
model of capital get-together. (Mahmoudi, 2018). The private economies make equality and it
relies on different sections. While the US enlisted GDP growth paces of under 2 per cent for a
long time earlier. During the near period, China and India created8-10 per cent. Economies with
high growth rates adhere to the law of reducing rates and the discernment remains. Where the
yield enlarges as the square base of the information variable.
Conclusion
Human improvement could be the better premises with political and social rights containing
other individual satisfaction. At the point when there are 9 billion livings on the planet, the

fulfilment by the growth propelling business age that is not sole standard of estimation.
(Clemence and Wernette, 2015) The ideas plainly state how we can put this planet in a superior
spot than the decreasing part of CO2 on the planet. It additionally influences risky barometrical
deviation. There ought to be degrowth so that the existence of the idea of living prevails.
Lessening the utilization of arms and ammo, and so forth. For powerfully human progress, they
ought to decouple economic exercises. The open assets and putting them for a good cause
likewise become an issue for raising the organization help of the individuals. We should part
with extra bleeding-edge headways that raise the solace of individuals. (Holmes, 2019)
References:
Blum, D., & Holling, H. (2017). Spearman's law of diminishing returns. A meta-analysis.
Intelligence, 65, 60-66.
Bohner, M., Heim, J., & Liu, A. (2015). Qualitative analysis of a Solow model on time scales. J.
Concr. Appl. Math, 13(3-4), 183-197.
Mahmoudi, A., & Feylizadeh, M. R. (2018). A grey mathematical model for crashing of projects
by considering time, cost, quality, risk and law of diminishing returns. Grey Systems: Theory and
Application, 8(3), 272-294.
Corchón, L. (2016). A Malthus-Swan-Solow model of economic growth. Journal Of Dynamics
And Games, 3(3), 225-230. doi: 10.3934/jdg.2016012

Neto, J. J., Claeyssen, J. C. R., & Júnior, S. P. (2019). Returns to scale in a spatial Solow-Swan
economic growth model. Physica A: Statistical Mechanics and its Applications, 122055.
Holmes, B. (2019). Looking for economic prosperity without growth. Knowable Magazine. doi:
10.1146/knowable-030519-1
Clemence, R., & Wernette, J. (2015). Growth and Prosperity without Inflation. The Journal Of
Finance, 17(1), 163. doi: 10.2307/2977712