Economic Growth Theory: Evolution, Change, and New Perspective

Zong Liang
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Zong Liang: Bank of China

Chapter Chapter 5 in The Innovation of Economic Theory in China, 2026, pp 181-221 from Springer

Abstract: Abstract In the realm of economic theory research, economic growth theory occupies a significant position. First and foremost, economic growth is crucial for the improvement of human social welfare (Barro and Salai-Martin, 2004). Secondly, the temporal sustainability and spatial variability of economic growth captivate economists. It is no wonder that American economist Lucas (1988) once remarked: “Once you start thinking about economic growth, it’s hard to think about anything else.” Over the long term, economic growth theory has undergone rapid development and yielded abundant results amidst its ups and downs, although there remain some areas that are less than satisfactory. This chapter will explore the developmental trajectory, key advancements, and future directions of economic growth theory.

Date: 2026
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DOI: 10.1007/978-981-95-2713-7_5

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