Australian Capital Territory

‘Neoclassical Growth Theory: From Swan to now”


From: Wednesday August 13, 2014, 5:30 pm

To: Wednesday August 13, 2014, 7:30 pm

Nobel Laureate Professor Ed Prescott will present a talk on ‘Neoclassical Growth Theory: From Swan to now”. The Swan 1956 growth model is the cornerstone of secular growth theory. To broaden the model to encompass aggregate business cycle fluctuations Kydland and Prescott added an aggregate household to explain investment- savings and labor-leisure decisions. With this addition, neoclassical growth theory came into existence. Extensions of this theory have proven successful in the study of stock markets, growth miracles, prosperities and depressions, alternative tax policies, and differences in aggregate labor supply across countries and time. Deviations from the predictions of this theory are puzzles to be resolved and their resolutions have advanced neoclassical growth theory. Edward C Prescott is Professor of Economics at Arizona State University and is the W. P. Carey Chair in Economics in the W. P. Carey School of Business. He and Finn Kydland were jointly awarded the 2004 Nobel Prize in Economics for “their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.” This lecture is part of the Trevor Swan Distinguished Lectures in Economics and will be held in the China in the world Auditorium on campus.  It commences at 5:30pm and while free and open to the public, does require registration.  Herewith the link .   Please also find attached a flyer for this event: TREVOR SWAN Ed Prescott Flyer final


Auditorium, China in the World Building

Fellows Lane, Australian National University ACT

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