scholarly journals Technological Changes in Economic Growth Theory: Neoclassical, Endogenous, and Evolutionary-Institutional Approach

2016 ◽  
Vol 54 (2) ◽  
pp. 177-194 ◽  
Author(s):  
Dragoslava Sredojević ◽  
Slobodan Cvetanović ◽  
Gorica Bošković
Keyword(s):  
Economic Growth ◽  
Diffusion Of Innovation ◽  
Industrial Revolution ◽  
Growth Theory ◽  
Technological Changes ◽  
Policy Makers ◽  
Key Driver ◽  
The Creation ◽  
Evolutionary Growth ◽  
And Diffusion

Abstract The aim of the research in this paper is to analyse the issue of the treatment of the category of technological changes within the main aspects of economic growth theory. The analysis of the key positions of neoclassical theory (Solow), endogenous approach (Romer), and evolutionary growth theory (Freeman) advocates has pointed to the conclusion that these approaches agree on the fact that the category of technological changes is a key generator of economic growth. Neoclassicists were the first to explicitly analyse the category of technological changes in growth theory. They exerted a strong influence on a large number of governments to allocate significant funds for scientific and research development, to stimulate the creation and diffusion of innovation. Supporters of endogenous theory also see the category of technological changes as a key driver of economic growth. Unlike neoclassicists, they emphasise the importance of externalities, in the form of technological spillover and research and development activities, for the creation and diffusion of innovation. Finally, evolutionary and institutional economists explore the category of technological changes inseparably from the economic and social environment in which they are created and diffused. Recommendations of this research can be of particular use to economic growth and development policy makers in the knowledge economy, whose basic and substantial feature is the so-called fourth industrial revolution

The Geography of Invention in High- and Low-Technology Industries: Evidence from the Second Industrial Revolution

2006 ◽  
Vol 66 (2) ◽  
pp. 492-496 ◽  
Author(s):  
DHANOOS SUTTHIPHISAL
Keyword(s):  
Economic Growth ◽  
Technological Progress ◽  
Industrial Revolution ◽  
Technological Knowledge ◽  
Geographic Disparities ◽  
Geographic Space ◽  
Diffusion Of Technology ◽  
Rapid Generation ◽  
Technology Industries ◽  
And Diffusion

Technological progress has long been widely recognized as a crucial source of economic growth. Many countries have, accordingly, devoted considerable resources to promote more rapid generation and diffusion of technology in their economies. Yet recent studies reveal a persistence of stark contrasts across countries and geographic space more generally, not only in productivity, but also in the generation of new technological knowledge. What accounts for these geographic disparities is not well understood.

Growth Theory for Ancient Economies

2012 ◽  
Author(s):  
Peter Temin
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Industrial Revolution ◽  
Growth Theory ◽  
Human Welfare

This chapter reviews the theory of economic growth and the problems of measuring it. It reveals that scholars trying to understand Roman macroeconomics are in far worse shape than economists dealing with more recent economies. A brief survey of some existing research on the level of Roman and Greek income shows that there is a variety of data that could be used to estimate Roman economic growth. An index of human welfare might seem appropriate to indicate the existence and extent of economic growth, but it could be too broad. Another possible measure of economic growth is an index of structural change. The idea of an Industrial Revolution and the place of industry in the economy today suggest that industrialization can be used as a measure of economic growth.

Why The Already Difficult Task of Identifying Sources of Growth Has Become Even More Challenging?

2010 ◽  
pp. 1-7 ◽  
Author(s):  
Rup Singh
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Steady State ◽  
Growth Theory ◽  
Empirical Knowledge ◽  
Policy Makers ◽  
Steady State Growth ◽  
State Growth ◽  
Made In

This chapter is a brief account of what we now observe in the growth literature in light of the developments in the voluminous empirical works on economic growth. It is argued that while the empirical knowledge has advanced adequately, little progress has been made in the growth theory since the classic works of Solow. Therefore it can be said that growth economist and policy makers are still confused on how to raise the steady state growth rate of output and some of these confusions are due to our own experiments.

scholarly journals Applying an Evolutionary Growth Theory for Sustainable Economic Development: The Effect of International Students as Tourists

2020 ◽  
Vol 12 (1) ◽  
pp. 418 ◽  
Author(s):  
Kemal Soyer ◽  
Hale Ozgit ◽  
Husam Rjoub
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
International Students ◽  
Secondary School ◽  
Growth Theory ◽  
School Enrolment ◽  
Sustainable Economic Development ◽  
Long Run ◽  
Secondary School Enrolment ◽  
Evolutionary Growth

In this globalized era of strict competition, all actors in countries must focus on their strengths for continuous growth, which would presumably lead to sustainable economic development. Amongst the three components of sustainable development, this paper focuses on the economic and social aspects. Many countries are becoming service-oriented for economic growth. Education is a form of human capital investment which significantly contributes to countries’ national income via students, particularly international cross-border students in higher education institutions. While endogenous growth models dismiss the importance of governments in the growth process, in this paper, the Keynesian and new growth theories are combined to form an evolutionary growth theory. This research aims to analyze the short and long-term relationships between macroeconomic variables, international students, and their impact on the gross domestic product (GDP) of a small island with the intention of policy implications for stakeholders to reach or maintain sustainable economic development. Using an evolutionary growth theory with 34 years of time-series data on quarterly base, the vector autocorrection (VAR) model helps reveal the short and long-run relationships as well as impacts on the economy for sustainable economic growth. The results confirmed a long-run relationship via cointegration. Moreover, they approved bidirectional causality between student numbers, general secondary school enrolment, and GDP. Findings suggest significant implications for all stakeholders, particularly for higher education institutions, the government, and local citizens due to the importance of micro and macro-economic variables’ effect on GDP. The results prove that educated human capital contributes to economic growth. Governments should continue their existing strategy regarding secondary school enrolment rates as it is found to be the most effective variable in the long-run. As education, knowledge, and information transfer rises, it contributes to sustainable development through promoting social stability. Limitation of the unavailability of the total yearly population, GDP was opted instead of GDP per capita.

Institutions matter: but which institutions? And how and why do they change?

2015 ◽  
Vol 12 (3) ◽  
pp. 721-742 ◽  
Author(s):  
ANDREW TYLECOTE
Keyword(s):  
Economic Growth ◽  
Catholic Church ◽  
Industrial Revolution ◽  
The United States ◽  
Prime Mover ◽  
Progressive Change ◽  
Policy Makers ◽  
Modern Period ◽  
Social Orders ◽  
Opening Up

AbstractBoth political and economic institutions matter for economic growth and development, and are indissolubly connected: sustained economic growth requires far-reaching opening up of the economy and polity to wide participation. This review essay draws on three books which share this view of institutions, to develop an argument on which institutions matter most, and how and why they change. Like them, it uses history as laboratory. Northet al.(2009) inViolence and Social Ordersfocus on Britain, France and the United States, in which change was generally progressive, to study such change from the medieval to the modern period. Jan van Zanden inThe Long Road to the Industrial Revolutionlooks at Europe, 1000–1800, in particular the Netherlands and England, finding regressive as well as progressive change. Acemoglu and Robinson also examine both directions of change, inWhy Nations Fail:they range widely in space, but little before the 16th century. All three offer powerful tools of analysis. All have implications for policy-makers in advanced societies who wish to promote the development of ‘inclusive’ institutions elsewhere. Two striking surprises emerge, and oneprime mover– an institution with particular power to change others – the medieval Catholic church.

2018 Nobel Economics Prize: Integrating Climate Change Measures into Sustainable Economic Growth

2018 ◽  
Vol 34 (4) ◽  
Author(s):  
Nguyen Thi Thuc An ◽  
Dau Kieu Ngoc Anh
Keyword(s):  
Climate Change ◽  
Economic Growth ◽  
Endogenous Growth ◽  
Environmental Issues ◽  
Growth Theory ◽  
Endogenous Growth Theory ◽  
Technological Advances ◽  
Academy Of Sciences ◽  
Sustainable Economic Growth

The 2018 Nobel Economics Prize was awarded to two American economists - William D. Nordhaus and Paul M. Romer - who designed methods for better assessing environmental issues and technological advances on growth. This year’s Laureates, Nordhaus was the first person to create an intergrated model to assess interactions between society and nature and Romer laid the foundation for what is now called endogenous growth theory. According to the Swedish Royal Academy of Sciences, these two macroeconomists’ research have helped “significantly broaden the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge” which integrates climate change measures into long-term sustainable economic growth. Keywords Nobel in economics, William D. Nordhaus, Paul M. Romer, climate change, endogenous growth theory, economic growth References [1] Y Vân (2018), “Lý lịch 'khủng' của hai nhà khoa học vừa giành giải Nobel Kinh tế 2018”, Vietnambiz, đăng tải ngày 08/10/2018, https://vietnambiz.vn/ly-lich-khung-cua-hai-nha-khoa-hoc-vua-gianh-giai-nobel-kinh-te-2018-95776.html[2] Jonas O. Bergman, Rich Miller (2018), “Nordhaus, Romer Win Nobel for Thinking on Climate, Innovation”, đăng tải ngày 8/10/2018, https://www.bloomberg.com/news/articles/2018-10-08/nordhaus-romer-win-2018-nobel-prize-in-economic-sciences [3] Antonin Pottier (2018), “Giải Nobel” William Nordhaus có thật sự nghiêm túc?”, Nguyễn Đôn Phước dịch, đăng tải ngày 11/10/2018, http://www.phantichkinhte123.com/2018/10/giai-nobel-william-nordhaus-co-that-su.html[4] Thăng Điệp (2018), “Giải Nobel kinh tế 2018 về tay hai người Mỹ”, đăng tải ngày 8/10/2018, http://vneconomy.vn/giai-nobel-kinh-te-2018-ve-tay-hai-nguoi-my-20181008185809239.htm[5] Lars P. Syll (2018), “Cuối cùng - Paul Romer cũng có được giải thưởng Nobel”, Huỳnh Thiện Quốc Việt dịch, đăng tải ngày 14/10/2018, http://www.phantichkinhte123.com/2018/10/cuoi-cung-paul-romer-cung-co-uoc-giai.html[6] Phương Võ (2018), “Nobel Kinh tế 2018: Chạm tới bài toán khó của thời đại”, đăng tải ngày 9/10/2018, https://nld.com.vn/thoi-su-quoc-te/nobel-kinh-te-2018-cham-toi-bai-toan-kho-cua-thoi-dai-20181008221734228.htm[7] Đông Phong (2018), “Nobel Kinh tế cho giải pháp phát triển bền vững và phúc lợi người dân”, đăng tải ngày 8/10/2018, https://news.zing.vn/nobel-kinh-te-cho-giai-phap-phat-trien-ben-vung-va-phuc-loi-nguoi-dan-post882860.html[8] Thanh Trúc (2018), “Giải Nobel kinh tế 2018: Thay đổi tư duy về biến đổi khí hậu”, https://tusach.thuvienkhoahoc.com/wiki/Gi%E1%BA%A3i_Nobel_kinh_t%E1%BA%BF_2018:_Thay_%C4%91%E1%BB%95i_t%C6%B0_duy_v%E1%BB%81_bi%E1%BA%BFn_%C4%91%E1%BB%95i_kh%C3%AD_h%E1%BA%ADu[9] Cẩm Anh (2018), “Nobel kinh tế 2018: Lời giải cho tăng trưởng kinh tế bền vững”, đăng tải ngày 11/10/2018, http://enternews.vn/nobel-kinh-te-2018-loi-giai-cho-tang-truong-kinh-te-ben-vung-137600.html.

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