Critical survey. Savings and economic growth in neoclassical theory
综述了新古典经济学中储蓄决定经济增长的传统观点及其问题，从索洛模型到内生增长理论，指出储蓄率不影响增长率、只会压低资本边际生产率并导致经济停滞，并分析了内生增长理论应对这一困境的尝试及其困难。
In neoclassical economics economic growth depends upon savings. The paper discusses problems with this conventional view, and how these have been tackled, from pre-Solowian authors up to the recent New or Endogenous Growth Theory (EGT). These difficulties became particularly clear with the Solow-Swan model of growth in which the savings rate did not affect the rate of growth. In the absence of exogenous circumstances, savings would only depress the marginal productivity of capital forcing the economy towards a stationary state. The paper interprets EGT as an attempt to react to this gloomy theoretical prospect. The paper examines various difficulties with this attempt.