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The Structural Determinants of Growth

In: Economic Growth in Theory and Practice

Author

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  • R. M. Sundrum

Abstract

Economic growth as it occurs in the real world is an extremely complex process, influenced by a wide variety of causal factors. We cannot therefore hope to explain it in all its details right from the start. Instead, a better procedure would be to follow the method of successive approximations. Therefore, to begin with, we consider the factors that lead to the logistic pattern of growth, which seems to be the general pattern underlying the growth process in all countries, and then consider the factors which explain deviations from this pattern in particular countries or groups of countries. Our first task thus is to explain the logistic pattern of growth. However, even this pattern can be explained by a variety of causal factors. In order to identify the more basic of these causes, we first consider the minimum set of factors which can generate this pattern of growth. This is not to say that other factors may not also be influential; rather it is just a method of applying Occam’s Razor to our present problem. This is the objective of the present chapter.

Suggested Citation

  • R. M. Sundrum, 1990. "The Structural Determinants of Growth," Palgrave Macmillan Books, in: Economic Growth in Theory and Practice, chapter 3, pages 27-50, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37681-6_3
    DOI: 10.1057/9780230376816_3
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