A contribution to the theory of economic growth: Old and New

Abstract

In this study it is possible to provide a simple theoretical and empirical literature framework that links the endogenous growth theory through to the classical economists’ theory. There is also the following phenomenon that emphasises the proceeding to Harrod-Domar growth model, through to the model of the neoclassical growth theory. The study utilising the production function and, through to the developed new models of “new growth theory”/ or endogenous growth theory that consider policy influences on growth and divergent outcomes among countries. Within this recent approach, theoretical and empirical studies have attempted to find the relationship between development of financial markets and the new approach of endogenous growth theory. Economists working in this area should target their work directly to the analysis of policy options in developing countries. Policymaking generally will benefit from empirical results generated from more carefully constructed structural economic models. Keyword: Economic growth, Harrod-Domar Growth Model, Neoclassical Growth Theory, New Endogenous Growth Theory, Financial structure.

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