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Value Concept and Economic Growth Model

Author

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  • Truong Hong Trinh

    (Department of Economics, The University of Danang, Vietnam)

Abstract

This paper approaches the value added method for Gross Domestic Product (GDP) measurement that explains the interrelationship between the expenditure approach and the income approach. The economic growth model is also proposed with three key elements of capital accumulation, technological innovation, and institutional reform. Although capital accumulation and technological innovation are two integrated elements in driving economic growth, institutional reforms play a key role in creating incentives that effect the transitional and steady state growth rate in the real world economy. The paper provides a theoretical insight on economic growth to understand incentives and driving forces in economic growth model.

Suggested Citation

  • Truong Hong Trinh, 2014. "Value Concept and Economic Growth Model," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 2(6), pages 62-71, December.
    • Handle: RePEc:lrc:lareco:v:2:y:2014:i:6:p:62-71
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    File URL: http://journalofeconomics.org/index.php/site/article/view/97/178
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    Cited by:

    1. Truong Hong Trinh, 2017. "Value Balance and General Equilibrium Model," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 485-491.

    More about this item

    Keywords

    Capital accumulation; Economic growth; Institutional reform; Technological innovation.;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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