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Theory of Economic Growth: New Methods and Opportunities

Dmitry Veselov ()

Journal of the New Economic Association, 2017, vol. 34, issue 2, 176-181

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.

Keywords: endogenous growth theory; unified growth theory; endogeneity problem; stages of growth; comparative economic development; critical junctions (search for similar items in EconPapers)
JEL-codes: O11 O47 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:nea:journl:y:2017:i:34:p:176-181