13.1 FACTORS IN LONG-TERM GROWTH Although the causes of economic growth have been studied since classical times, the theories which are currently fashionable derive mainly from the neo-classical interest in the subject in the 1950s and ...
Author: R. Sundrum
Publisher: Springer
ISBN: 9780230376816
Category: Business & Economics
Page: 303
View: 124
The book describes the practical process of economic growth both in developed and less developed countries, and presents a unified theory of growth from the earliest stages to the most advanced. Central to the theory is the structural transformation which is associated with the growth process. This structural transformation is used to explain the logistic pattern that economic growth has followed in the real world. Within this logistic pattern, growth performance is explained both in terms of supply factors and demand factors, and the interaction between them. The influence of inflation and income distribution on economic growth is also discussed.