Economic Growth Theory

Taylor & Francis

This book aims to make a theoretical integration of well-established growth theories. It presents essential features of modem economic growth, which may be described as dynamic interdependence among capital, knowledge, population, economic structure, and exchange values. > This book develops a new theoretical framework to examine the issues of economic growth and development. Providing analysis of economic dynamics in a competitive economy under government intervention in infrastructure and income distribution, the book develops a unique analytical framework under the influence of traditional neoclassical growth theory. However, in a departure from neoclassical growth theory it examines both the Solow-Swan and the Ramsey growth models, introducing a utility function which treats consumer choices in ways critically different to previous approaches. Using practical examples and models the book demonstrates how this new direction can effectively analyze the key issues of economic gro.