A REVIEW OF THE ECONOMIC GROWTH AND DEVELOPMENT THEORIES

Zsolt Krajcsik
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Zsolt Krajcsik: University of Miskolc

Enterprise Theory and Practice Doctoral School (ETPDS) Working Papers from Faculty of Economics, University of Miskolc

Abstract: The analysis of economic growth and development is coeval with economics. The importance of it is shown by the constant development of theories concerning economic growth during the ages. In my paper I introduce the most important models of the field. I summarise the change from the early development models which depended on the homogenous factors of production - land, labour, capital - to the current ones which depend on the human capital growth and development. Nowadays there are two path in the mentioned research. One of them is dealing with the Solow growth model and think toward and explain the developing countries economic growth with the human capital and its characteristics. The other line of analysis deals with the distribution of income between the factors of production. In the second part of the last century a new wave of theories appeared. According to them in the globalised world it is unwise to deal with economic growth in a narrow way - within the borders of a country - because the international trade, distribution of labour and dependence relations have a big effect on it (Girco and Keohane in: Bartha et al., 2013). Institutional economics marks new ways of research as well, so the education becomes the centre of attention during the research of economic development. The main goal of the review of the literature of growth and development economics is to lay the foundations of my research modelling on the relation of future economic growth and the higher education system.

Date: 2015-10-15
New Economics Papers: this item is included in nep-gro and nep-his
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Published in Challenges in economic and technological development - Conference Proceedings, 15-16 October 2015, ISBN 978-963-358-100-1, University of Miskolc

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