Understanding Economic Growth: Review Article of Why Economies Grow

Andrew Sharpe

International Productivity Monitor, 2004, vol. 8, 81-84

Abstract: The question of why economies grow has been at the heart of economic inquiry since Adam Smith. The final article is a review of the recent book Why Economies Grow: The Forces That Shape Prosperity and How to Get Them Working Again by Jeff Madrick. He argues that the growth of markets through trade, colonization, and domestic expansion was the predominate factor in Western economic development. While technological innovation is necessary to growth, it is as much a consequence of economic opportunity as it is a cause, and perhaps even more a follower of economic growth than a leader.

Keywords: Technological Change; Growth; Productivity Growth; 19th Century Economic Growth; Productivity Slowdown; Post-1973; Prosperity (search for similar items in EconPapers)
JEL-codes: N10 O30 O40 (search for similar items in EconPapers)
Date: 2004
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