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Contemporary Economic Growth Models And Theories: A Literature Review

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  • Ilkhom SHARIPOV

    () (Doctoral School of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi,)

Abstract

One of the most important aspects of human development is the ability to have a decent standard of living. The secret of the "economic miracle" of many countries that have high standard of living, in fact, is simple and quite obvious. All these countries are characterized by high and sustained development of national economy, low unemployed population rate, growth of income and consumption. There is no doubt that economic growth leads to an increase in the wealth of the country as a whole, extending its potential in the fight against poverty, unemployment and solving other social problems. That is why a high level of economic growth is one of the main targets of economic policy in many countries around the world. This brief literature review discusses main existing theories and models of economic growth, its endogenous and exogenous aspects. The main purpose of this paper is to determine the current state of development of the economic growth theories and to determine their future directions of development.

Suggested Citation

  • Ilkhom SHARIPOV, 2015. "Contemporary Economic Growth Models And Theories: A Literature Review," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(3), pages 759-773, September.
  • Handle: RePEc:jes:wpaper:y:2015:v:7:i:3:p:759-773
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    File URL: http://www.ceswp.uaic.ro/articles/CESWP2015_VII3_SHA.pdf
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
    2. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    3. Romer, Paul M., 1990. "Human capital and growth: Theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 251-286, January.
    4. McDermott, John, 1999. "Mercantilism and Modern Growth," Journal of Economic Growth, Springer, vol. 4(1), pages 55-80, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Magoti, Edwin & Mtui, John M., 2020. "The Relationship between Economic Growth and Service Sector in Tanzania: An Empirical Investigation," African Journal of Economic Review, African Journal of Economic Review, vol. 8(2), July.
    2. M.M. Ihnatenko & L.O. Marmul & D.S. Ushakov & S.P. Kuchyn, 2019. "Transformation of Approaches to Determine Influence Factors in the Economic Development Models," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 290-301.

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    More about this item

    Keywords

    economic growth; exogenous growth; endogenous growth;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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