Solow's model of Economic Growth is considered to be the representative of the Neoclassical models of growth. Solow's model gives the growth rate that would help the economy attain equilibrium and maintain it. The model takes into supply side only, unlike the models in Keynesian framework such as the ones by Harrod and Domar in which demand plays a significant role. Another major difference in methodology is the production function used by Solow in which labour and capital can be combined in any ratio unlike those of Harrod and Domar where a fixed coefficient capitaloutput ratio is used. The most significant element of Solow's model is that it demonstrates that equilibrium can be attained even if the economy begins from a disequilibrium position. There is an inbuilt capability of taking the economy towards equilibrium. A feature that is seriously missing in Harrod Domar models. Though the model is made to work under certain assumptions those assumptions that could be termed as unrealistic can be relaxed while the principal proposition of the model would remain unaltered.
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