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Learning from Growth Theory

In: India’s Economic Growth

Author

Listed:
  • Jati Sengupta

    (University of California)

Abstract

Economic growth theory provides two types of lessons: one by identifying the key determinants of growth and the other by empirical verification of theory. The first shows which sources and determinants are important and why. The second shows various pitfalls in some of the theories. Here we attempt a historical overview of growth theory and its broad social and economic implications. We discuss only those contributions which have relevance to modern economic growth characterized by market based systems undergoing technological change and worldwide competition. In our view these contributions in growth theory are most important for countries like India which is entering the phase of a “new economy.” This new economy is driven by high growth in the information technology (IT) sector and new economic reforms, which favor rapid growth in foreign direct investment and joint ventures in R&D networks.

Suggested Citation

  • Jati Sengupta, 2005. "Learning from Growth Theory," Palgrave Macmillan Books, in: India’s Economic Growth, chapter 3, pages 75-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50532-2_3
    DOI: 10.1057/9780230505322_3
    as

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