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Reconstructing growth theory: A survey

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Summary

Recent developments in the theory of economic growth aim at endogenising long-run growth. The paper discusses models in which technological change arises as a by-product of certain economic activities as well as models where some economic actions are explicity aimed at technological improvements. In addition, separate sections are devoted to the specific reconstruction of growth theory by M. Scott and models explaining stages of economic development. For expositional purposes the algebra is kept to a minimum. The focus is on theoretical models for a closed economy. Empirical work is only mentioned in passing.

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Authors and Affiliations

  1. Tilburg University, Tilburg, The Netherlands

    Theo van de Klundert & Sjak Smulders

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  1. Theo van de Klundert
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  2. Sjak Smulders
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We are indebted to S. Kuipers, F. van der Ploeg and A. van Schaik for useful comments on an earlier version.

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van de Klundert, T., Smulders, S. Reconstructing growth theory: A survey. De Economist 140, 177–203 (1992). https://doi.org/10.1007/BF01460370

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