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A Survey of Economic Growth

A Survey of Economic Growth

Copyright: © 2014 |Pages: 31
ISBN13: 9781466658486|ISBN10: 1466658487|EISBN13: 9781466658493
DOI: 10.4018/978-1-4666-5848-6.ch004
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MLA

Rup Singh. "A Survey of Economic Growth." Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model, IGI Global, 2014, pp.73-103. https://doi.org/10.4018/978-1-4666-5848-6.ch004

APA

R. Singh (2014). A Survey of Economic Growth. IGI Global. https://doi.org/10.4018/978-1-4666-5848-6.ch004

Chicago

Rup Singh. "A Survey of Economic Growth." In Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model. Hershey, PA: IGI Global, 2014. https://doi.org/10.4018/978-1-4666-5848-6.ch004

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Abstract

This chapter is a survey of the two prominent theories of economic growth (the neoclassical theory as proposed by Solow [1956] and the endogenous growth theory that originated from the seminal works of Romer [1986]). To date, works following these have essentially been their extensions/refinements and some of the important extensions have also been summarised in this chapter. The current chapter discusses their major findings and implications for policy. It is also shown that the Solow model can be extended and used for policy. The endogenous growth theory, although stated to have some drawback, is useful for policy, as it has added new thoughts on how productivity may be generated. The chapter remains highly theoretical and derivations are suppressed, unless they become necessary. This survey finds that while the driving force of growth has been known since Solow's proposition, the endogenous models have provided some discussions on how economies may achieve productivity growth. Some important sources of productivity advancements that have been suggested are through human capital, research and development, innovations, knowledge creation, and supportive institutions and social infrastructure.

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