On Growth and Saving

Abstract

This paper is concerned with the relevance of the macroeconomic theory of income distribution to the “new” growth theory. Specifically, it shows that the Cambridge equation, originally outlined in the context of the Harrod-Domar growth model, and then extended to Solow’s (1956) neoclassical model, may also be derived in the case of Jones’s (1995, 2002) semi-endogenous growth theory.