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Growth Theory and Application: The Case of South Africa

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  • Dave Liu

    (Department of Economics, University of Pretoria)

Abstract

This essay is a comparison study of traditional Neoclassical growth theory and new growth theory. It also discusses growth theory in the real world by investigating the so called “growth miracles” and “growth disasters” scenarios in the developing world. Finally, the essay performs a standard growth accounting exercise on South African economy mainly focuses on the importance of human capital in growth process. Growth accounting exercise shows that South Africa experiences a capital-accumulated growth in the 1970s and 80s, while sharply shifts to technology-accumulated growth in the 1990s and early 2000s.

Suggested Citation

  • Dave Liu, 2007. "Growth Theory and Application: The Case of South Africa," Working Papers 200714, University of Pretoria, Department of Economics.
    • Handle: RePEc:pre:wpaper:200714
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    References listed on IDEAS

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    Cited by:

    1. Canh Thi Nguyen, 2019. "Using Solow and I–O models to determine the factors impacting economic growth in Ho Chi Minh City, Vietnam," Asia-Pacific Journal of Regional Science, Springer, vol. 3(1), pages 247-271, February.

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    More about this item

    Keywords

    Economic growth; Solow growth model; Growth accounting;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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