All the articles are on the topic of economic growth. Article 1: ‘A model of economic growth’The article has been cited 2673 times,which is (quite) a high number for scientific citations. Combined with the factthat it was published in The Economic Journal, which has a high impact score onWeb of Science, my assessment is that the quality of the article is good.
Thearticle was written by Nicholas Kaldor. The most important factors influencingeconomic growth are (a) people’s behaviour concerning savings, the populationgrowth and the amount of innovation. These factors have proven themselves to beheavily related, together forming the input for calculating economic growth.The capital/output ratio has proven itself to be constant. The model discussedis based on Keynesian techniques, stating that an excess in demand of forexample labour will lead to the supply increasing, thereby always reaching fullemployment, the general level of output is only restricted by the limitedresources available. It appears that technical innovations that enhance productivityrequire more capital per man, a shortage of capital thus restricts innovationand vice versa. An economic system will automatically reach the point P in agraph where the growth in capital and output are equal. The model shows that inthe first stage of capitalism, the increase in growth is not attended with awage increase.
The second phase comes when wages start increasing too at thesame level as growth. In the model, major breakdowns can occur, but in the end,those will stabilize the system. Article 2: ‘Economic growth and incomeequality”This article by Kuznets has been cited11,386 times and was published in the American Economic Review, therefore thearticle can be seen as one of high quality. The question investigated in thisarticle is whether the income distribution changes when economic growth does.To investigate this people moving to different social classes is taken intoaccount, just like many other factors to be able to conclude specificobservations. The generally assumed conclusion of the researched data is thatthe more growth the more incomes move to equality.
Because the upper-incomessave a lot more and the percentage of the population living in the lessequally divided urban areas increases, it seems strange that overall incomingdistribution equalizes. The savings argument is neutralised by the impact ofpolitical decisions. The second assumption seems logical, but has not proven tobe true, counteracted by the fact that urban lower-class incomes have risenrelatively a lot.
———— Article 3: ‘A contribution to thetheory of economic growth”This article has been cited 24,406times and was published in the Quarterly Journal of Economics, which accordingto Web of Science has the highest impact factor of all economic journals. Thearticle commences by discussing a research on economic growth by Harrod andDomar. According to Solow, they made a crucial assumption that – if not true -would make the results of their research suspect. They assumed production takesplace under conditions of fixed proportions where one cannot substitute labourfor capital. Solow discarded this assumption. Solow looks at capitalaccumulation, population/labour growth and technological progress in order toexplain economic growth. A part of output, which is given by the productionfunction with inputs capital and labour, will be consumed and the other part savedand invested in capital. Capital has diminishing returns.
As a result, marginaloutput will equal depreciation at a certain point, at this point it is not possibleto invest more in capital. Hence, neither capital nor output will change atthis point. Moreover, the capital-labourratio is constant here, which means capital has to increase at the same rate aslabour at this point.