The Solow Model, developed by economist Robert Solow in the 1950s, is a framework used to understand long-term economic growth. It emphasizes the role of capital accumulation, labor force growth, and technological progress in increasing a country's output. The model suggests that while capital investment can boost productivity, diminishing returns will eventually slow growth unless technological advancements occur. In the Solow Model, the steady-state level of output is reached when investment in capital equals depreciation. This means that, in the long run, economies grow at a rate determined by technological progress rather than capital alone. The model highlights the importance of innovation for sustained economic growth.