AbstractGrowth theory offers two plausible explanations of growth. One stresses the supply of productive ideas and holds that the industrial revolution had to wait until we had thought up enough inventions to lift us into the era of modern growth. It says, roughly, that the growth of living standards depends on the growth of science. The other explanation stresses incentives: Growth could begin only when hard work and business enterprise were free of heavy taxation, of social stigma and of other interference by the government and the church. The first branch of theory is well developed; it is the second that now challenges the growth economist to explain not just growth, but the evolution of political and religious institutions and social attitudes as well.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7468.
Date of creation: Jan 2000
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Publication status: published as Jovanovic, Boyan. “Economic Growth: Theory” International Encyclopedia of the Social Sciences.
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Find related papers by JEL classification:
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-01-24 (All new papers)
- NEP-DEV-2000-01-24 (Development)
- NEP-DGE-2000-01-24 (Dynamic General Equilibrium)
- NEP-INO-2000-01-24 (Innovation)
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