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New growth theories: what is in there for developing countries?

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  • Nazrul Islam

    (Emory University, USA)

Abstract

This paper reviews new growth theories (NGT) from the perspective of developing countries. It shows that despite some views to the contrary, NGT and the growth debate that it spawned have some useful lessons for developing countries. Some of these lessons and ideas were indeed available from before. However, these are now more precisely formulated and connected more intimately with other fields of economics. Developing countries can benefit from such NGT implications as the possibility of policy influence on the long term growth rate, importance of technological diffusion in convergence, distinct role of institutions in growth, and potency of trade for growth. NGT has also led to a re-examination of cross-country implications of the neoclassical growth theory (NCGT), revealing in the process that, when unencumbered from unwarranted assumptions, NCGT can be more useful in understanding the growth regularities across developing countries.

Suggested Citation

  • Nazrul Islam, 2004. "New growth theories: what is in there for developing countries?," Journal of Developing Areas, Tennessee State University, College of Business, vol. 38(1), pages 171-212, September.
    • Handle: RePEc:jda:journl:vol.38:year:2004:issue1:pp:171-212
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    File URL: http://muse.jhu.edu/journals/jda/summary/v038/38.1islam.html
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    Citations

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    Cited by:

    1. Voxi Heinrich Amavilah, 2005. "Resource Intra-Actions And Inter-Actions: Implications For Technological Change And Economic Growth," GE, Growth, Math methods 0508004, University Library of Munich, Germany.
    2. Amavilah, Voxi Heinrich, 2006. "Intensity of technology use and per capita real GDP across some African countries," MPRA Paper 1675, University Library of Munich, Germany.
    3. Sulekha Hembram & Souparna Maji & Sushil Kr. Haldar, 2019. "Club Convergence among the Major Indian States During 1982–2014: Does Investment in Human Capital Matter?," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 20(2), pages 184-204, September.
    4. Nazrul Islam & Kazuhiko Yokota, 2008. "Lewis Growth Model and China's Industrialization," Asian Economic Journal, East Asian Economic Association, vol. 22(4), pages 359-396, December.
    5. Muhammad Luqman & Saleem Ashraf & Babar Shahbaz & Tahir Munir Butt & Raheel Saqib, 2021. "Rural Development Through Non-State Actors in Highlands of Pakistan," SAGE Open, , vol. 11(2), pages 21582440211, April.
    6. Jayanti Bhattacharjee & Sushil Kr. Haldar, 2015. "Economic Growth in South Asia," Journal of South Asian Development, , vol. 10(2), pages 230-249, August.
    7. Amavilah, Voxi Heinrich, 2014. "Knowledge = Technology + Human Capital and the Lucas and Romer Production Functions," MPRA Paper 58847, University Library of Munich, Germany.
    8. Pratap Kumar Mahakur & Narayan Chandra Nayak, 2019. "An investigation of intrastate income disparities and regional convergence in Odisha," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 21(2), pages 288-308, December.
    9. Voxi Heinrich S Amavilah, 2005. "INFRASTRUCTURAL v. SUPERSTRUCTURAL EFFECTS OF INSTITUTIONS ON INCOME DETERMINATION ACROSS U.S. NATIVE AMERICAN ECONOMIES," Development and Comp Systems 0505004, University Library of Munich, Germany.
    10. Amavilah, Voxi Heinrich, 2014. "Human Knowledge and a Commonsensical Measure of Human Capital: A Proposal," MPRA Paper 57670, University Library of Munich, Germany.

    More about this item

    Keywords

    economic growth; covariance debate; technological diffusion;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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