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Endogenous Growth Theory: Rise and Developments

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  • Rossitsa Rangelova

Abstract

The study is aimed at analysing basic features and developments of the new endogenous growth theory. The first section gives proof of the origins of this theory. The second section presents the basic ideas of the new modern (endogenous) growth theory, as they are developed by its founders and their followers. The endogenous theory is discussed as a new approach to measuring and analysing economic growth, giving rise to a variety of new issues, new determinants of the growth, in particular these concerning the transition countires’ economic growth. For the time being it is impossible or of no practical value to carry out direct measurement with the help of already existing models or new ones: firstly, because of the comparatively short period has passed since the beginning of the 1990s, and secondly, because of the mixed and not typical nature of the economic situation, that means transition from centrally planning to a market economy under the condition of a severe crisis. The economic performance of Bulgaria, however, shows in a specific way the importance of the new modern growth theory for explaining and promoting economic growth. The last section discusses some implications of the modern growth theory in the case of Bulgaria, in particular the human capital developments. Finally, concluding comments are given, concerning the two main subjects: the nature and prospects for the future of the new endogenous growth theory and the possibility for application of this theory in the case of Bulgaria making efforts to turn the corner towards economic growth.

Suggested Citation

  • Rossitsa Rangelova, 1999. "Endogenous Growth Theory: Rise and Developments," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-27.
  • Handle: RePEc:bas:econst:y:1999:i:3:p:3-27
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
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    6. Crafts, Nicholas, 1996. "Endogenous Growth: Lessons for and from Economic History," CEPR Discussion Papers 1333, C.E.P.R. Discussion Papers.
    7. Bhattacharyya, Dilip K, 1990. "An Econometric Method of Estimating the 'Hidden Economy,' United Kingdom (1960-1984): Estimates and Tests," Economic Journal, Royal Economic Society, vol. 100(402), pages 703-717, September.
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    9. Elias Dinopoulos & Peter Thompson, 1996. "A Contribution to the Empirics of Endogenous Growth," Eastern Economic Journal, Eastern Economic Association, vol. 22(4), pages 389-400, Fall.
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