Understanding Economic Growth: Review Article of Why Economies Grow
AbstractThe question of why economies grow has been at the heart of economic inquiry since Adam Smith. The final article is a review of the recent book Why Economies Grow: The Forces That Shape Prosperity and How to Get Them Working Again by Jeff Madrick. He argues that the growth of markets through trade, colonization, and domestic expansion was the predominate factor in Western economic development. While technological innovation is necessary to growth, it is as much a consequence of economic opportunity as it is a cause, and perhaps even more a follower of economic growth than a leader.
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Bibliographic InfoArticle provided by Centre for the Study of Living Standards in its journal International Productivity Monitor.
Volume (Year): 8 (2004)
Issue (Month): (Spring)
Find related papers by JEL classification:
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
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