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The new neoclassical theory of growth and the problem of Brazilian economic underdevelopment

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  • Newton Paulo Bueno

Abstract

The purpose of the paper is to show that endogenous growth theory is at best insufficientto explain Brazilian economic underdevelopment. The main reason for this is thatthis theory gives a major importance to the role of human capital in the process of economicgrowth which is not justifiable in the Brazilian case. Instead of this, the main problem of theBrazilian economy seems to be the incapacity of its modem sector to absorb the majorityof the population. This cannot be done only through human capital increase; it requires infirst place a major physical investment program in order to enlarge the size of the modemsector nowadays opened only to a minority of the population which is insufficient to allowBrazilian economy recovery. JEL Classification: J20; J24; B50.

Suggested Citation

  • Newton Paulo Bueno, 1998. "The new neoclassical theory of growth and the problem of Brazilian economic underdevelopment," Brazilian Journal of Political Economy, Center of Political Economy, vol. 18(2), pages 213-228.
    • Handle: RePEc:ekm:repojs:v:18:y:1998:i:2:p:213-228:id:1131
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    More about this item

    Keywords

    Endogenous growth model; human capital; employment determination;
    All these keywords.

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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