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The Assessment: New Approaches to Economic Growth

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  • Boltho, Andrea
  • Holtham, Gerald

Abstract

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.

Suggested Citation

  • Boltho, Andrea & Holtham, Gerald, 1992. "The Assessment: New Approaches to Economic Growth," Oxford Review of Economic Policy, Oxford University Press, vol. 8(4), pages 1-14, Winter.
  • Handle: RePEc:oup:oxford:v:8:y:1992:i:4:p:1-14
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    Cited by:

    1. Terutomo Ozawa & Sergio Castello, 2001. "Multinational Corporations and Endogenous Growth: An Eclectic-Paradigmatic Analysis," Economics Study Area Working Papers 27, East-West Center, Economics Study Area.
    2. Terutomo Ozawa & Sergio Castello, 2001. "Toward an 'International Business' Paradigm of Endogenous Growth: Multinationals and Governments as Co-Endogenisers," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(2), pages 211-228.
    3. Luisa Corrado & Ron Martin & Melvyn Weeks, 2004. "Identifying And Interpreting Convergence Clusters Across Europe," Royal Economic Society Annual Conference 2004 145, Royal Economic Society.
    4. Stavros Rodokanakis, 2006. "“How Effective are the Regional Policies of Convergence in the EU?”," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 59-74.
    5. Palle Andersen & David Gruen, 1995. "Macroeconomic Policies and Growth," RBA Annual Conference Volume,in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.), Productivity and Growth Reserve Bank of Australia.
    6. Brian Graham Shaw & Mark Hart, 1999. "Cohesion And Diversity In The European Union: Irreconcilable Forces?," Regional Studies, Taylor & Francis Journals, vol. 33(3), pages 259-268.
    7. Balls, Edward, 1997. "Open macroeconomics in an open economy," LSE Research Online Documents on Economics 28748, London School of Economics and Political Science, LSE Library.
    8. Schilirò, Daniele, 2006. "Crescita economica, conoscenza e capitale umano. Le teorie e i modelli di crescita endogena di Paul Romer e Robert Lucas
      [Economic growth, knowledge and human capital. Theories and models of endoge
      ," MPRA Paper 52435, University Library of Munich, Germany.
    9. Silvia Rita Sedita & Ivan De Noni & Roberta Apa & Luigi Orsi, 2016. "Measuring how the knowledge space shapes the technological progress of European regions," Papers in Evolutionary Economic Geography (PEEG) 1624, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Aug 2016.
    10. P.A. Black, 2002. "On The Case For "Black Economic Empowerment" In South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 70(8), pages 1148-1162, December.
    11. Stavros RODOKANAKIS, 2003. "The Impact Of The European Structural Policies On The Eu Member States From 1988 To 2000," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 17, pages 181-209.
    12. Florian Straßberger, 1995. "Technischer Wandel und wirtschaftliches Wachstum: Einige jüngere Entwicklungen, empirische Ergebnisse und wirtschaftliche Konsequenzen," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 64(2), pages 200-220.

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