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Endogenous Growth Theory: Rise and Developments

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  • Rossitsa Rangelova

Abstract

The study is aimed at analysing basic features and developments of the new endogenous growth theory. The first section gives proof of the origins of this theory. The second section presents the basic ideas of the new modern (endogenous) growth theory, as they are developed by its founders and their followers. The endogenous theory is discussed as a new approach to measuring and analysing economic growth, giving rise to a variety of new issues, new determinants of the growth, in particular these concerning the transition countires’ economic growth. For the time being it is impossible or of no practical value to carry out direct measurement with the help of already existing models or new ones: firstly, because of the comparatively short period has passed since the beginning of the 1990s, and secondly, because of the mixed and not typical nature of the economic situation, that means transition from centrally planning to a market economy under the condition of a severe crisis. The economic performance of Bulgaria, however, shows in a specific way the importance of the new modern growth theory for explaining and promoting economic growth. The last section discusses some implications of the modern growth theory in the case of Bulgaria, in particular the human capital developments. Finally, concluding comments are given, concerning the two main subjects: the nature and prospects for the future of the new endogenous growth theory and the possibility for application of this theory in the case of Bulgaria making efforts to turn the corner towards economic growth.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Studies.

Volume (Year): (1999)
Issue (Month): 3 ()
Pages: 3-27

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Handle: RePEc:bas:econst:y:1999:i:3:p:3-27

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  1. Elias Dinopoulos & Peter Thompson, 1996. "A Contribution to the Empirics of Endogenous Growth," Eastern Economic Journal, Eastern Economic Association, vol. 22(4), pages 389-400, Fall.
  2. Bhattacharyya, Dilip K, 1990. "An Econometric Method of Estimating the 'Hidden Economy,' United Kingdom (1960-1984): Estimates and Tests," Economic Journal, Royal Economic Society, vol. 100(402), pages 703-17, September.
  3. Nouriel Roubini & Xavier Sala-i-Martin, 1992. "A Growth Model of Inflation, Tax Evasion, and Financial Repression," NBER Working Papers 4062, National Bureau of Economic Research, Inc.
  4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  5. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  6. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(02), pages 385-406, June.
  7. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
  8. Crafts, Nicholas, 1996. "Endogenous Growth: Lessons for and from Economic History," CEPR Discussion Papers 1333, C.E.P.R. Discussion Papers.
  9. Rivera-Batiz, Luis A & Romer, Paul M, 1991. "Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 531-55, May.
  10. Bencivenga, Valerie R & Smith, Bruce D, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 195-209, April.
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