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Introduction

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Abstract

The chapter starts by motivating the importance of economic growth using historical data. The Visegrad countries—the Czech Republic, Hungary, Poland, and Slovakia—are introduced, along with the control group of Western European economies—Austria, France, Germany, and the UK. The chapter also discusses why the neoclassical framework is a good toolkit to analyze the recent growth experience of the Visegrad countries.

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Notes

  1. 1.

    For the original data and their interpretation, see Maddison (2001), while for the current version, see Bolt and van Zanden (2014).

  2. 2.

    Helpful and accessible overviews of the successes and open questions in growth theory are offered by Helpman (2004) and Easterly (2001).

  3. 3.

    This general principle is discussed in detail in Rodrik (2015). According to Rodrik, economic models are very useful to study economic and social issues, but we do not have an all-purpose framework that can answer all questions. Therefore, Rodrik advocates the usage of small, well-tailored models to analyze particular problems.

References

  • Bolt, J., & van Zanden, J. L. (2014). The Maddison Project: Collaborative research on historical national accounts. The Economic History Review, 67, 627–651.

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  • Easterly, W. (2001). The elusive quest for growth: Economists’ adventures and misadventures in the tropics. Cambridge: MIT Press.

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  • Helpman, E. (2004). The mystery of economic growth. Cambridge: Belknap Press of Harvard University Press.

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  • Maddison, A. (2001). Development centre studies: The world economy a millennial perspective. Paris: OECD Pub. and OECD Development Centre.

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  • Malthus, T. R. (2012). Essay on the principle of population. Mineola: Dover Publications.

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  • Rodrik, D. (2015). Economics rules: The rights and wrongs of the dismal science. New York: W.W. Norton.

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  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70, 65–94.

    Article  Google Scholar 

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Authors and Affiliations

  1. Centre for Economic and Regional Studies, Budapest, Hungary

    István Kónya

Authors
  1. István Kónya
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Cite this chapter

Kónya, I. (2018). Introduction. In: Economic Growth in Small Open Economies. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-69317-0_1

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  • DOI: https://doi.org/10.1007/978-3-319-69317-0_1

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-319-69316-3

  • Online ISBN: 978-3-319-69317-0

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

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