As in the nineteenth century, long-term fluctuations and growth in the productive potential of the advanced industrial nations and what they imply for social well-being remain central to current economic debate. The issue was controversial after Word War II, with the interest focused on the long-term stability of market economies. However, following Solow’s economic-growth model (1956), neoclassical thinking gradually extended its power. Its reasoning is clear, and it explains numerous factors of growth. These are well summarized in Kaldor’s six “stylized facts” (1963). Then this research lost its appeal. With hindsight, there were two explanations for this. The dominance of narrow inquiries into short-term fluctuations was intellectually short-sighted and no progress was being made to develop analytical tools capable of accounting for hitherto unmeasurable growth factors, internal or external. Postwar neoclassical models accounted for growth in terms of exogenous...
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Claude, D., Charlotte, L.C. (2019). Human Capital and Economic Growth. In: Encyclopedia of International Higher Education Systems and Institutions. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-9553-1_605-1
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