This paper proposes a new approach to growth theory. The rationale is two-fold. First of all, the old (Solow-tupe) theory is increasingly unable to explain the "stylized facts" of growth. These are well known and it is unecessary to summarize the difficulties. The second part of the rationale is that the standard theory is based on so-called neoclassical "microfoundations" that are both internally inconsistent and unnecessary.
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Paper provided by INSEAD, Centre for the Management of Environmental Resources. The European Institute of Business Administration. in its series INSEAD with number
97/67.
Length: 35 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:insead:97/67
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