Selected Theories of Economic Growth (original) (raw)

The chapter in Book carry out a vertical or in-depth analysis of the three main schools of thought; classical, neo-classical and endogenous (new growth theory). The horizontal analysis of a wide range of issues connected with growth theory are also reviewed, including competition, technical change, growth inclusiveness and vintage capital. The stages (evolutionary / revolutionary) and sectoral impact approaches to economic growth are also presented. After working through this chapter, you will understand the: • Definitions of economic growth and economic development • Distinguishing features between economic growth and development • Harrod-Domar growth model • The Neoclassical growth theory o Solow and Solow-Swan Neoclassical model • The New Growth Theories o Lucas Endogenous Growth Theory o Romer’s Model of Technological Change • Historical Stages of Growth Theories o Rostow’ Stages growth theory o Karl Marx’s Historical Materialism • Sectoral Drivers Growth Theories o Kaldor-Verdoorn's Law o Thirlwall's Export Constrained Growth Law • Vintage Theory • Inclusive Growth Model • Dependency Model Chapter in Anthology of Theories and Their Applications in Social & Management Sciences, ed. Nwachukwu, Ogundiwin and Nwaobia, Lagos: Jamiro Press Link, 63-92.