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Economic Growth

In: Applied Economics in Globalised Economies

Author

Listed:
  • James Foreman-Peck

    (Cardiff University)

  • Peng Zhou

    (Cardiff University)

Abstract

Long-run economic growth patterns vary between historical growth regimes, such as pre-modern stagnation and the post-industrial revolution acceleration. Transitions between these regimes are enabled by natural disasters, technological progress, capital accumulation, and institutional reforms. The chapter reviews theoretical frameworks, including the neoclassical growth model, endogenous growth theories, and the Malthusian model, to explain variations in growth rates across countries and over time. It analyses the interplay of key growth drivers, such as human capital, innovation, and trade, with attention to their global implications. The chapter also discusses policy interventions to foster sustained growth, emphasising education, infrastructure, and regulatory reforms, while addressing challenges like income disparities and environmental constraints. Using empirical evidence, it evaluates the effectiveness of growth-enhancing strategies in diverse contexts, linking theory with practical outcomes.

Suggested Citation

  • James Foreman-Peck & Peng Zhou, 2025. "Economic Growth," Springer Books, in: Applied Economics in Globalised Economies, chapter 0, pages 127-162, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-85621-1_5
    DOI: 10.1007/978-3-031-85621-1_5
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