economic growth

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economic growth

growth in the GROSS NATIONAL PRODUCT (GNP). A distinction can be drawn between theories of economic growth (in ECONOMICS) which emphasize primarily economic variables, such as levels of saving and investment (e.g. the Harrod-Domar model) and those which are more sociological and take account of wider social as well as more narrowly economic factors (e.g. SCHUMPETER or ROSTOW).
References in periodicals archive ?
This study introduces paper money under the gold standard into the neoclassical growth theory. Rather than assuming some demand function for money like in Barro's approach, we derive money demand from the optimal decision of households.
The theoretical framework used is the neoclassical growth theory with its aggregate sector production functions and its aggregate household types.
(1994), "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings", Journal of Economic Perspectives,8
Endogenous Models that explain growth with human capital, develop growth theory by implying that the growth rate also depends on the rate of return to human capital, as well as physical capital (Gokal & Hanif, 2004).
The endogenous growth theory was developed after the '80s, mainly by Paul Romer, Robert Lucas and Robert Barro, becoming a major area of study of economics.
Aghion, Philippe and Peter Howitt (1998) Endogenous Growth Theory. Cambridge, Massachusetts.
Conventional theories are focused on Economics or synthesised the mainstream of Keynesianism and growth theory onto a classical and neoclassical framework.
A growth theory is incomplete if it does not have some frame of a welfare postulate.
Back in 1996 he was a relatively unknown quantity, a very private man perceived as a dour Scot whose only reported spare-time pursuits involved sitting in libraries swotting up on post neo-classical endogenous growth theory.
Growth Theory and Convergence Over Innovation-led Growth
Boettke and Rosolino Candela on the law as a factor of production), growth theory (G.P.
The third chapter explains precisely how the neoclassical theory was conceived as an exogenous factor in the technological growth theory. Klundert also acknowledges the new literature which offers alternate explanations to technological change, such as learning-by-doing and investment in research and development.