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Theory of Economic Growth: New Methods and Opportunities

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  • Veselov, D.

    (National Research University Higher School of Economics, Moscow, Russia)

Abstract

The author studies the reasons and consequences of major changes in methods and subjects of economic growth theory. The transformation of growth theory is going on in three main directions. Firstly, the focus of research shifts to the studies of fundamental reasons of differences in incomes per capita among countries and this shift is related with the exploration of a new class of models. Secondly, the advancement in data analysis and access to new historical data helps to test new theories and create new growth empirics. Finally, growth theory changes its focus from the analysis of balanced growth path properties to the reasons of major qualitative changes in economic dynamics. The paper shows new perspectives for the growth theory and gives forecasts of its future development.

Suggested Citation

  • Veselov, D., 2017. "Theory of Economic Growth: New Methods and Opportunities," Journal of the New Economic Association, New Economic Association, vol. 34(2), pages 176-181.
    • Handle: RePEc:nea:journl:y:2017:i:34:p:176-181
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    References listed on IDEAS

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    More about this item

    Keywords

    endogenous growth theory; unified growth theory; endogeneity problem; stages of growth; comparative economic development; critical junctions;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • 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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