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The Relevance Of Growth Models For Less Developed Economies

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  • Widjojo Nitisastro

Abstract

Economic growth, which was one of the main interests of the Classics and of Marx, ceased to receive full attention after introduction of the marginal analysis during the second half of the nineteenth century. Not until immediately before and after the second world war has there been a revival of what Baumol calls "magnificient" dynamics especially embodied in the writings of Harrod and Domar. Employing Keynesian tools which were primarily designed for short-run analysis these writers attempt to extend the Keynesian system into a more com prehensive longterm theory of output and employment.

Suggested Citation

  • Widjojo Nitisastro, 1960. "The Relevance Of Growth Models For Less Developed Economies," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 11, pages 499-513.
    • Handle: RePEc:lpe:efijnl:196019
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    Keywords

    theory; output; input; growth; economy; model;
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