Discussion on the conclusions of the Neoclassical Growth Theory and the New Growth Theory and the alternative explanation for the different economic performance
The paper in the first instatnce resumes the conclusions of the most important contemporary growth approaches – the Neoclassical Growth Theory and the New Growth Theory. In the third part there are discused crucial aspects of the both growth approaches and are mentioned some empirical arguments. The...
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| Format: | Article |
| Language: | English |
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Mendel University Press
2005-01-01
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| Series: | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
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| Online Access: | https://acta.mendelu.cz/53/3/0251/ |
| Summary: | The paper in the first instatnce resumes the conclusions of the most important contemporary growth approaches – the Neoclassical Growth Theory and the New Growth Theory. In the third part there are discused crucial aspects of the both growth approaches and are mentioned some empirical arguments. The final part of this paper presents three conclusions: the challenge to validity of the New Growth Theory. The question about the basic traditional growth theory assumption that individual economies occur the production possibility frontier. And finally the conviction that the necessary condition for the succesful economic development is the right institutional system. |
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| ISSN: | 1211-8516 2464-8310 |