Unified Growth Theory Contradicted by the Economic Growth in Africa

Ron W Nielsen

Papers from arXiv.org

Abstract: One of the fundamental postulates of the Unified Growth Theory is the claimed existence of three distinctly different regimes of economic growth governed by three distinctly different mechanisms of growth. However, Galor also proposed that the timing of these regimes is different for developed countries and for less-developed countries. Africa is the perfect example of economic growth in less-developed countries. The data used by Galor, but never properly investigated, are now analysed. They turn out to be in dramatic contradiction of this theory.

Date: 2015-12, Revised 2016-02
New Economics Papers: this item is included in nep-afr and nep-fdg
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