The Assessment: New Approaches to Economic Growth
The orthodox theory of economic growth has long been unable to explain some real world "stylized.facts" such as the reasons for continued long-run expansion, the absence of convergence in per capita incomes across rich and poor countries and the frequent presence of medium-term changes in growth rates. Recently, new approaches to economic growth, often borrowing from earlier, non-orthodox, interpretations, have underlined the importance of investment in both physical and human capital, of scale economies or of learning by doing. These "endogenous growth" theories, however, are as yet largely untested, and hence unable to provide clear lessons for policy-making. Copyright 1992 by Oxford University Press.
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