Growth Theory and Application: The Case of South Africa
Dave Liu ()
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Dave Liu: Department of Economics, University of Pretoria
No 200714, Working Papers from University of Pretoria, Department of Economics
This essay is a comparison study of traditional Neoclassical growth theory and new growth theory. It also discusses growth theory in the real world by investigating the so called “growth miracles” and “growth disasters” scenarios in the developing world. Finally, the essay performs a standard growth accounting exercise on South African economy mainly focuses on the importance of human capital in growth process. Growth accounting exercise shows that South Africa experiences a capital-accumulated growth in the 1970s and 80s, while sharply shifts to technology-accumulated growth in the 1990s and early 2000s.
Keywords: Economic growth; Solow growth model; Growth accounting (search for similar items in EconPapers)
JEL-codes: O32 O40 O47 O49 O55 (search for similar items in EconPapers)
Pages: 39 pages
New Economics Papers: this item is included in nep-afr and nep-dev
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Persistent link: https://EconPapers.repec.org/RePEc:pre:wpaper:200714
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