Standard growth results without assuming an aggregate production function

The aggregate production function (APF) plays a central role in growth economics but has long faced criticism for its weak foundations. This paper examines whether three standard results from growth theory continue to hold when the APF is not imposed as a maintained assumption. To this end, it introduces and analyzes a multisector growth model that does not rely on an APF. Abstracting from exogenous technological change for simplicity, the model delivers three key results: global asymptotic stability of the steady state; the long-run standard of living does not decline when the population growth rate falls; and the long-run standard of living does not decline when any investment rate increases, under an additional axiom that is reasonable for OECD countries. These results are well known from the Solow-Swan and augmented Solow models, both of which are special cases of the multisector framework and assume an APF. Thus, the paper demonstrates that these standard results are robust to the removal of the APF as a maintained assumption. JEL Classification: E13 , O41