Economic Growth
(2015) International Encyclopedia of the Social & Behavorial Sciences — ISBN: [9780080970868], p. 38-44, published
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- Abstract
- The first challenge for economic growth theory is to understand the transition from stagnation to growth at the time of the industrial revolution and in particular to identify the main factor(s) that triggered the takeoff. Doing so also helps to understand why there are poor and rich countries today, and whether the poorest ones will ultimately catch up. This article reviews the main theories of growth, including the Malthus model (useful to understand stagnation), the neoclassical model where technical progress is the engine of growth, the endogenous growth model where growth is self-sustained and policy is of particular importance for the long run, and unified growth theory, providing the big picture and linking the growth takeoff to the demographic transition.
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Citations
De la Croix, D. (2015). Economic Growth. In James Wright (ed.), International Encyclopedia of the Social & Behavorial Sciences (p. p. 38-44). Elservier. https://doi.org/10.1016/B978-0-08-097086-8.71057-9