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Economic growth theory: research perspective

Author

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  • David Tobón Orozco

Abstract

The search for the main determinants of economic growth of nations as well as the present lack of an explanatory model for macroeconomic phenomena necessarily lead us to the need of a synthesis or explanatory theory. In this sense, the main theoretical findings base on the basic neoclassical model of Solow-Swan are described as well as the problem of diminishing returns. Emphasis is placed on those models which consider capital as a colletion of cumulative factors. Our perspective of work led towards technology and its externalities and the big problems faced by economists today in their understanding and modelling.

Suggested Citation

  • David Tobón Orozco, 1996. "Economic growth theory: research perspective," Grupo Microeconomía Aplicada 006, Universidad de Antioquia, Departamento de Economía.
    • Handle: RePEc:lde:grupom:006
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    More about this item

    Keywords

    neoclassical models; technology; externalities.;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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