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The Assessment: New Approaches to Economic Growth

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  • Boltho, Andrea
  • Holtham, Gerald
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    Abstract

    The orthodox theory of economic growth has long been unable to explain some real world "stylized.facts" such as the reasons for continued long-run expansion, the absence of convergence in per capita incomes across rich and poor countries and the frequent presence of medium-term changes in growth rates. Recently, new approaches to economic growth, often borrowing from earlier, non-orthodox, interpretations, have underlined the importance of investment in both physical and human capital, of scale economies or of learning by doing. These "endogenous growth" theories, however, are as yet largely untested, and hence unable to provide clear lessons for policy-making. Copyright 1992 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

    Volume (Year): 8 (1992)
    Issue (Month): 4 (Winter)
    Pages: 1-14

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    Handle: RePEc:oup:oxford:v:8:y:1992:i:4:p:1-14

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    Web page: http://oxrep.oupjournals.org/

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    Cited by:
    1. Palle Andersen & David Gruen, 1995. "Macroeconomic Policies and Growth," RBA Research Discussion Papers rdp9507, Reserve Bank of Australia.
    2. Edward Balls, 1997. "Open macroeconomics in an open economy," LSE Research Online Documents on Economics 28748, London School of Economics and Political Science, LSE Library.
    3. Terutomo Ozawa & Sergio Castello, 2001. "Toward an 'International Business' Paradigm of Endogenous Growth: Multinationals and Governments as Co-Endogenisers," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(2), pages 211-228.
    4. Stavros RODOKANAKIS, 2003. "The Impact Of The European Structural Policies On The Eu Member States From 1988 To 2000," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 17, pages 181-209.
    5. Stavros Rodokanakis, 2006. "“How Effective are the Regional Policies of Convergence in the EU?”," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 59-74.
    6. Corrado, L. & Martin, R. & Weeks, M., 2004. "Identifying and Interpreting Convergence Clusters Across Europe," Cambridge Working Papers in Economics 0414, Faculty of Economics, University of Cambridge.
    7. Brian Graham Shaw & Mark Hart, 1999. "Cohesion And Diversity In The European Union: Irreconcilable Forces?," Regional Studies, Taylor & Francis Journals, vol. 33(3), pages 259-268.
    8. Schilirò, Daniele, 2006. "Crescita economica, conoscenza e capitale umano. Le teorie e i modelli di crescita endogena di Paul Romer e Robert Lucas
      [Economic growth, knowledge and human capital. Theories and models of endoge
      ," MPRA Paper 52435, University Library of Munich, Germany.

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