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Neoclassical Synthesis and Keynesian Development

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Theoretical Approaches to Economic Growth and Development

Abstract

This chapter initially presents the Neoclassical Synthesis through its main interpreters (Hicks, Modigliani, Solow, Tobin, and Samuelson). Thereafter, the Keynesians’ approach is described and how effective demand, capital distribution, and accumulation are perceived as sources of growth. Also, effective institutions are presented and the way uncertainty is reduced in evolutionary theory. The terms of balanced dualism and unbalanced structural development are analyzed. In concluding, the chapter traces the developmental theories which evolved during the 1950s and 1960s, which shaped what is known as “developmental theory.”

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Authors and Affiliations

  1. Department of Economics, National and Kapodistrian University of Athens, Athens, Greece

    Panagiotis E. Petrakis

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  1. Panagiotis E. Petrakis
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Correspondence to Panagiotis E. Petrakis .

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Petrakis, P.E. (2020). Neoclassical Synthesis and Keynesian Development. In: Theoretical Approaches to Economic Growth and Development. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-50068-9_12

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  • DOI: https://doi.org/10.1007/978-3-030-50068-9_12

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-50067-2

  • Online ISBN: 978-3-030-50068-9

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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