what is the neoclassical growth theory 
neoclassical growth theory is an economic theory that outlines how a steady economic growth rate results from a combination of three driving forces labor capital and technology the national bureau of economic research names robert solow and trevor swan as having the credit of developing and introducing the model of long run economic growth in 1956 the model first considered exogenous population increases to set the growth rate but in 1957 solow incorporated technology change into the model 1