Growth Models

Herman Mark Schwartz and Bent Sofus Tranøy

Chapter 30 in Elgar Encyclopedia of Business and Government, 2026, pp 168-173 from Edward Elgar Publishing

Abstract: The Growth Model paradigm or approach responded to and reversed the gradual shift in comparative political economy (CPE) from macroeconomic, macro-actor, state-centric, and demand-side perspectives in the 1960s, to more microeconomic, methodologically individualistic, society-centered, and supply-side perspectives by 2000. This reversal was welcome in an era of economic stagnation due to demand deficiency. But the growth model approach remains methodologically nationalist, partly on account of being anchored in GDP accounting decompositions. The main types of growth models – export-led, wage-led, debt or consumption-led, foreign-finance-led – seem to emerge from local conditions including dominant local social blocs. This obscures the degree to which various models are part of a global division of labor that conditions the possibilities for successful strategies on the part of firms and their states. Still, the growth model approach correctly and usefully brings income distribution and a non-equilibrium analysis back into CPE.

Keywords: Supply; Demand; Social blocs; Methodological nationalism; Institutional complementarity; Export profile (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035307777
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