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Genesis of the Growth Theories

In: The Impact of Human Capital on Economic Growth

Author

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  • Ararat L. Osipian

Abstract

We will start from the review of major developments of economic thought over the last few centuries as related to economic growth. This review is a combination of chronological changes and focuses on particular issues in theories of growth. In this manner, we offer an integrative scholarly synthesis of economic growth. This synthesis allows demonstrating incremental development of the models turned into qualitative transitions and rivalry of exogenous and endogenous concepts of growth. The review is built around the ideas that the economists formulate rather than around the economists themselves. It draws some preliminary inferences for Ukraine. This is done in order to show the high degree of applicability of earlier and modern theories of economic growth to contemporary Ukraine. The explanatory power of early and modern concepts of growth is such that it can be of use in understanding the processes of economic transition in Ukraine and first of all, growth. It is not overloaded with the complex mathematical equations and keeps the major ideas and critiques easily understandable for the reader while placing the topic in the broader scholarly literature. Deeper understanding of economic growth requires evaluating the theory of growth in an historical perspective.

Suggested Citation

  • Ararat L. Osipian, 2009. "Genesis of the Growth Theories," Palgrave Macmillan Books, in: The Impact of Human Capital on Economic Growth, chapter 0, pages 1-49, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10007-7_1
    DOI: 10.1057/9780230100077_1
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