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A Mathematical Theory of Economic Growth: The Public Choice Growth Model

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  • Van, Germinal

Abstract

The purpose of this paper is to offer a new theoretical framework in the field of development economics. This new theoretical framework has not yet been explored in development economics. Most economic theories seek to predict an outcome. The particularity of this theory that is being proposed in this paper, is not to predict a specific outcome about an economy. It is rather a methodology to explain an economic outcome. This new theory being introduced in the field of development economics is called the Public Choice Growth Model (PCGM), which is an economic theory that combines the principles of public choice theory and that of the Solow Growth Model. The goal of this theory though, is to demonstrate that our model is the adequate model to be used in a developing country in order to determine long-term economic growth.

Suggested Citation

  • Van, Germinal, 2020. "A Mathematical Theory of Economic Growth: The Public Choice Growth Model," MPRA Paper 99940, University Library of Munich, Germany, revised Mar 2020.
    • Handle: RePEc:pra:mprapa:99940
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    File URL: https://mpra.ub.uni-muenchen.de/99940/1/MPRA_paper_99940.pdf
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
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    Cited by:

    1. Gheorghița Dincă & Marius Sorin Dincă & Camelia Negri & Mihaela Bărbuță, 2021. "The Impact of Corruption and Rent-Seeking Behavior upon Economic Wealth in the European Union from a Public Choice Approach," Sustainability, MDPI, vol. 13(12), pages 1-23, June.

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    More about this item

    Keywords

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    JEL classification:

    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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