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Relevant bibliographies by topics / Neoclassical growth theory

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Academic literature on the topic 'Neoclassical growth theory'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 January 2023

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Journal articles on the topic "Neoclassical growth theory"

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Zhang, Wei-Bin. "An Integration of Neoclassical Growth Theory and Economic Structural Change with Monopolistic Competition Theory." Business and Economic Research 11, no. 2 (April 6, 2021): 145. http://dx.doi.org/10.5296/ber.v11i2.18380.

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Wealth accumulation is a deterministic factor mechanism of national economic growth. Neoclassical growth theory is basically concerned with capital and wealth accumulation in perfectly competitive market. Global markets are characterized by a great variety of markets. Nevertheless, there only a few rigorous models of wealth accumulation with other types of markets within neoclassical growth framework. This study attempts to contribute literature of economic growth by introducing monopolistic competition and monopoly into neoclassical growth theory. The model is based on a few well-established economic theories. The model is constructed within framework of the Solow-Uzawa two-sector neoclassical growth model. The description of to monopolistic competition is influenced by the Dixit-Stiglitz model of monopolistic competition. The modelling of monopoly is based on monopoly theory. We model behavior of the household with Zhang’s utility function and concepts of current income and disposable income. The unique contribution of this research is to integrate these theories in a comprehensive framework. We construct the basic model and then analyze properties of the model. The existence of a unique equilibrium point is identified by simulation. The effects of changes in some parameters comparative static analyses in some parameters.

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Mehra, Rajnish, Facundo Piguillem, and Edward C. Prescott. "Costly financial intermediation in neoclassical growth theory." Quantitative Economics 2, no. 1 (March 2011): 1–36. http://dx.doi.org/10.3982/qe40.

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Jakimowicz, A. "Path Dependence in Neoclassical Economic Growth Theory." Acta Physica Polonica A 127, no. 3a (March 2015): A—86—A—94. http://dx.doi.org/10.12693/aphyspola.127.a-86.

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Gries, Thomas. "A New Theory of Demand-Restricted Growth: The Basic Idea." American Economist 65, no. 1 (May 31, 2019): 11–27. http://dx.doi.org/10.1177/0569434519846477.

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In mainstream theory, growth is explained fully by elements of the supply side. In this article, we depart from neoclassical mechanisms and suggest a hybrid approach that allows for growth restrictions induced by demand-side elements. We obtain such demand-restricted growth by suggesting an unconventional equilibrium concept in a stochastic environment. We define macroeconomic equilibrium as stationary no-expectation-error equilibrium. This equilibrium concept relates to the Nash idea of individual stationary behavior as long as expectations prove to be realized. No rigidities are introduced. Even if potential growth is generated by technical change and capital accumulation, the growth path is restricted by effective earnings and can be stable below the neoclassical path of potential growth. However, the growth process mutates to the neoclassical process if effective earnings and potential earnings equalize. Therefore, our hybrid model could help to bridge a gap between Keynesian and neoclassical ideas of economic growth. JEL Classifications: E12, E13, O40, E60

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Yaghmaian, Behzad, and Reza Ghorashi. "Export Performance and Economic Development: An Empirical Analysis." American Economist 39, no. 2 (October 1995): 37–45. http://dx.doi.org/10.1177/056943459503900204.

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This paper challenges the results of the empirical literature in support of the neoclassical theory of export-led growth and provides a theoretical and empirical alternative. Contrary to the neoclassical theory, we argue that both exports and economic growth are preceded by a long and complex process of structural change and economic development. A cross-section regression analysis is applied to test the neoclassical hypothesis that exports lead to superior economic performance (higher growth of output), and our alternative thesis. The regression results strongly confirm our alternative formulation of exports and economic growth while failing to support the neoclassical thesis.

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Solow, Robert M. "Perspectives on Growth Theory." Journal of Economic Perspectives 8, no. 1 (February 1, 1994): 45–54. http://dx.doi.org/10.1257/jep.8.1.45.

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This essay relates recent developments in growth theory to problems and ideas that first engaged R. F. Harrod, E. Domar, and their neoclassical successors. The body of ‘new growth theory’ began by finding special ways to assume that there are constant returns to capital. It is shown that this is a very nonrobust assumption, thus not a good basis for growth theory. More promising is the attempt to create a genuinely endogenous theory of the process of innovation. This notion has always been present in the literature or just beneath the surface. Current ideas, for all their ingenuity, may be too mechanical.

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Howitt, Peter. "Endogenous Growth and Cross-Country Income Differences." American Economic Review 90, no. 4 (September 1, 2000): 829–46. http://dx.doi.org/10.1257/aer.90.4.829.

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A multicountry Schumpeterian growth model is constructed. Because of technology transfer, R&D-performing countries converge to parallel growth paths; other countries stagnate. A parameter change that would have raised a country's growth rate in standard Schumpeterian theory will permanently raise its productivity and per capita income relative to other countries and raise the world growth rate. Transitional dynamics are analyzed for each country and for the world economy. Steady-state income differences obey the same equation as in neoclassical theory, but since R&D is positively correlated with investment rates, capital accumulation accounts for less than estimated by neoclassical theory. (JEL E10, O40)

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Setterfield, Mark. "Neoclassical Growth Theory and Heterodox Growth Theory: Opportunities For (and Obstacles To) Greater Engagement." Eastern Economic Journal 40, no. 3 (March 18, 2013): 365–86. http://dx.doi.org/10.1057/eej.2013.12.

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Cesaratto, S. "Critical survey. Savings and economic growth in neoclassical theory." Cambridge Journal of Economics 23, no. 6 (November 1, 1999): 771–93. http://dx.doi.org/10.1093/cje/23.6.771.

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Krasilnikov, A. "Evolutionary Models in the Theory of Economic Growth." Voprosy Ekonomiki, no. 1 (January 20, 2007): 66–81. http://dx.doi.org/10.32609/0042-8736-2007-1-66-81.

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The role of evolutionary economics in the development of economic growth theory is considered in the article. Different types of evolutionary models are distinguished, analyzed and compared with neoclassical models. Special attention is paid to the treatment of scientific and technological progress, particularly within the framework of the models of technological diffusion.

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Dissertations / Theses on the topic "Neoclassical growth theory"

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Shrestha, Munik K. "Behavioral growth theory a neoclassical approach /." Diss., Connect to the thesis, 2009. http://hdl.handle.net/10066/3644.

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Sardadvar, Sascha. "Regional Economic Growth and Steady States with Free Factor Movement: Theory and Evidence from Europe." WU Vienna University of Economics and Business, 2015. http://epub.wu.ac.at/4548/1/Sardadvar_ePub_1.pdf.

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This paper develops a spatial theoretical growth model in order to study the impact of physical and human capital relocations on the growth of open economies. Analytical and simulation results show how the respective neighbours determine an economy's development, why convergence and divergence may alternate in the medium-run, and that interregional migration as a consequence of wage inequalities causes disparities to prevail in the long-run. The empirical part applies spatial econometric specifications for European regions on the NUTS2 level for the observation period 2000-2010. The estimations underline the importance of human capital endowments and its relation with spatial location. (author's abstract)
Series: Working Papers in Regional Science

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Ngo, Ngoc Qui. "FDI and Economic Growth : An Empirical Study of Lower-middle Income Economies." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44025.

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Within a panel data context with fixed effects method, using data on a sample of 40 lower- middle income economies, this paper investigates whether and to what extent FDI stimulates economic growth over the period 2007-2017. The main finding of this paper highlights the complementary effects between FDI and education, suggesting that a certain level of education must be reached in order for FDI to contribute positively on economic growth. Further, the level of education in this sample set is below the level that is considered as adequate in order to spur economic growth and thus this affects the absorptive capacity. This paper can only confirm that there is a certain association between FDI and economic growth and cannot confirm the widespread belief that FDI stimulates economic growth due to that the estimated models more often than not provided insignificant results.

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Schmidt, Florian. "Export-led growth? : The case of Brazil." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-49258.

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With an ever-increasing globalising world, trade is of most importance for developing countries to not fall behind and be outcompeted. Export-led growth theory states that one of the key determinants for economic growth is exports. This thesis aims to analyse the causal effects of exports on economic growth in the case of Brazil. Annual data from the World Bank’s database for the years 1990-2018 has been used. The variables included are GDP, exports, gross capital formation, FDI and labour force. This study puts the export-led growth theory in a Vector Error Correction – Granger Causality framework. As opposed to previous scholars’ findings, neither export-led growth nor growth-led export could be determined for Brazil.

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Munim, Ziaul Haque, and Hans-Joachim Schramm. "The impacts of port infrastructure and logistics performance on economic growth: the mediating role of seaborne trade." SpringerOpen, 2018. http://dx.doi.org/10.1186/s41072-018-0027-0.

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Considering 91 countries with seaports, this study conducted an empirical inquiry into the broader economic contribution of seaborne trade, from a port infrastructure quality and logistics performance perspective. Investment in quality improvement of port infrastructure and its contribution to economy are often questioned by politicians, investors and general public. A structural equation model (SEM) is used to provide empirical evidence of significant economic impacts of port infrastructure quality and logistics performance. Furthermore, analysis of a multi-group SEM is performed by dividing countries into developed and developing economy groups. The results reveal that it is vital for developing countries to continuously improve the quality of port infrastructure as it contributes to better logistics performance, leading to higher seaborne trade, yielding higher economic growth. However, this association weakens as the developing countries become richer.

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Ulander, Emil, and Andrea Aires. "Humankapital och ekonomisk tillväxt : En tvärsnittsstudie om utbildningens kvalitet och dess betydelse för ekonomisk tillväxt." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-27843.

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Syftet med den här studien är att undersöka om utbildningens kvalitet har en signifikant påverkan på ekonomisk tillväxt. I uppsatsen tillämpas en regressionsanalys baserad på sekundärdata. Den beroende variabeln är real BNP per capita tillväxt vilken används för att mäta ekonomisk tillväxt. Den oberoende variabeln i fokus är testresultat från internationella prov och används som mått för utbildningens kvalitet. Kontrollvariabler i uppsatsen är initial BNP per capita, genomsnittlig utbildningstid, fertilitet, investeringar och graden av handelsöppenhet. I studien ingår data för 49 länder och omfattar åren från 2000 till och med 2010. I regressionsmodellen som inkluderar samtliga kontrollvariabler visar testresultatvariabeln en signifikant positiv relation till ekonomisk tillväxt. Det här betyder alltså att utbildningens kvalitet har en påverkan på ekonomisk tillväxt. Utifrån detta går det att härleda ett antal teoretiska förklarningar till hur utbildningens kvalitet har kunnat påverka ekonomisk tillväxt. I och med innovationer i informationsteknik samt den generella teknologiutvecklingen som präglat 2000-talet, dras slutsatsen att utbildningens kvalitet troligtvis har påverkat utvecklandet av färdigheter relaterade till innovationsförmåga och anpassningsbarhet till ny teknologi hos individer. Det här i följd har påverkat den ekonomiska tillväxten i ett land.
The purpose of this study is to investigate whether the quality of education has a significant impact on economic growth. This paper applied a regression analysis based on secondary data. The dependent variable is real GDP per capita growth, which is used to measure economic growth. The independent variable in focus is test results from international tests and is used as a measure of educational quality. Control variables in the paper are initial GDP per capita, average years of schooling, fertility, investments and the degree of trade openness. The study includes data for 49 countries and covers the years from 2000 to 2010. The regression model that includes all control variables shows that the test result variable has a significant positive relationship to economic growth. This means that the quality of education has an impact on economic growth. Based on this it is possible to derive a number of theoretical explanations of how the quality of education has been able to influence economic growth. With innovations in information technology, as well as the general technology trend that characterized the 2000s, it’s concluded that the quality of education is likely to have influenced the development of skills related to innovation and adaptability to new technologies in individuals. Consequently, this affects the economic growth of a country.

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Vít, Ondřej. "Vliv daní na ekonomický růst vyspělých zemí po roce 1945." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264345.

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The most discussed topics in economics is the relationship between economic growth and taxes. The aim of this study is to evaluate the influence of different types of taxes on economic growth of Organisation for Economic Co-operation and Development (OECD) member countries after World War II. The thesis is based on extended neoclassi-cal growth theory from 1992 by Mankiw - Romer - Weil. Regression Analysis of Panel Da-ta is used as technique for verification of the correlation of economic growth and taxation. The impact of taxation is integrated to the model through its effect on accumulation of physical capital, development of human capital and technology. The source of panel data used in the analyses is statistical databases of OECD, World Bank, Maddison historical data and Penn World Table. For better comparison of the results more different methods of measuring tax burden were used. It was share of tax income on GDP, share of income from different types of taxes on total tax revenue, labor tax and compound tax quota. Results than differ by measurement of tax incidence. It is too complex to set clear recommendation for growth, nevertheless it is obvious, that the goal of economic and political authorities is to shift the tax burden from direct to indirect taxes.

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Firth, Lucy. "Learning in industry, innovation and growth." Thesis, 1997. https://vuir.vu.edu.au/15421/.

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This thesis investigates issues of learning, innovation and growth by considering arguments from disparate schools of theory, and by an empirical investigation. The development of new growth theory models that demonstrate sustained growth driven by endogenous learning and innovation is reviewed. The importance of learning to the growth mechanisms of many of these models suggests that the new growth theories may have a contribution to make on the understanding of learning in industry. However, it is found that, in focusing on advancing neoclassical growth theory, the new growth theories have introduced learning in scenarios that are schematic and designed to suit the modelling enterprise rather than to capture the nature and process of learning in industry.

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Books on the topic "Neoclassical growth theory"

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Martin, Ron. Slow convergence?: Post-neoclassical endogenous growth theory and regional development. Cambridge: ESRC Centre for Business Research, University of Cambridge, 1996.

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Knight, Malcolm. Testing the neoclassical theory of economic growth: A panel data approach. Washington: International Monetary Fund, Research Department, 1992.

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Knight, Malcolm D. Testing the neoclassical theory of economic growth: A panel data approach. [ ]: International Monetary Fund, 1992.

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King, Robert G. Transitional dynamics and economic growth in the neoclassical model. Cambridge, MA: National Bureau of Economic Research, 1989.

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Neri, Salvadori, and Panico Carlo 1952-, eds. Classical, neo classical and Keynesian views on growth and distribution. Cheltenham, UK: Edward Elgar Pub., 2006.

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Classical, Neoclassical And Keynesian Views on Growth And Distribution. Edward Elgar Publishing, 2006.

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Salvadori, Neri, and Carlo Panico. Classical, Neoclassical and Keynesian Views on Growth and Distribution. Elgar Publishing Limited, Edward, 2006.

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Economic Growth In The Regions Of Europe Theory And Empirical Evidence From A Spatial Growth Model. Physica-Verlag, 2011.

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Sumner, Andy. Structural Transformation and Inclusive Growth. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198792369.003.0003.

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This chapter reviews currents in theory with a focus on modernization and neoclassical statements of comparative advantage on the one hand, and structuralism, dependency, and other theories of underdevelopment on the other. The latter theories of underdevelopment hit their zenith in the policies of the import-substitution industrialization of the 1960s and 1970s. They were largely dismissed in the 1980s as the limits of import-substitution industrialization became apparent and as East Asia industrialized, undermining any argument that structural transformation was problematic in the periphery. This chapter theorizes that neither orthodox nor heterodox theories of structural transformation adequately explain the development of late developers because of the heterogeneity of contemporary capitalism. That said, heterodox theories, which coalesce around the nature of incorporation of developing countries into the global economy, do retain conceptual usefulness in their focal point, ‘developmentalism’, by which we mean the deliberate attempts at national development led by the state.

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Pearson, Gordon. Remaking the Real Economy. Policy Press, 2020. http://dx.doi.org/10.1332/policypress/9781447356585.001.0001.

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The fundamental distinction is made between the real economy and the financial. The financial economy came into existence to serve the real economy, but led by false neoclassical microeconomic theory, it has become predatory on the real economy. Rather than seeking to correct the false theorising, this book sets it aside in its entirety, focusing instead on practical realities. A Deming based systems analysis is provided of organisational systems, their individual components and their interactions with the social and ecological macro systems within which they operate. Those organisational systems serve the real economy which is recognised as having three distinct layers, each requiring a very different approach for their effective service. The social-infrastructural layer is a mandatory state responsibility, rather than being voluntary and competitive. The progressive-competitive layer, served largely by private for-profit organisations, depends on its competitive characteristics being protected and energised. The technological-revolutionary layer is best served by a collaborative involvement of both private and public organisational systems developing and applying new technologies to generate economic progression including the necessary sustainability revolution. Required actions are identified for that remaking of the real economy and escaping destruction by organised money. Appropriate measures of progression are proposed to replace the current orthodox measures such as GDP and its growth. Practitioner Notes provide examples of the practical realities of organisational systems in both the real and financial economies, demonstrating the inadequacy and falseness of neoclassical modelling and the destructiveness of its prime beneficiaries, organised money.

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Book chapters on the topic "Neoclassical growth theory"

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Hahn, F. H. "neoclassical growth theory." In Economic Growth, 172–92. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230280823_24.

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Das, Sibabrata, Alex Mourmouras, and Peter C. Rangazas. "Neoclassical Growth Theory." In Springer Texts in Business and Economics, 11–50. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-14265-4_2.

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Serletis, Apostolos. "Neoclassical Growth Theory." In The Demand for Money, 27–40. Boston, MA: Springer US, 2001. http://dx.doi.org/10.1007/978-1-4757-3320-4_3.

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Hahn, F. H. "Neoclassical Growth Theory." In The New Palgrave Dictionary of Economics, 9383–97. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_704.

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Hahn, F. H. "Neoclassical Growth Theory." In The New Palgrave Dictionary of Economics, 1–15. London: Palgrave Macmillan UK, 1987. http://dx.doi.org/10.1057/978-1-349-95121-5_704-1.

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Hahn, F. H. "Neoclassical Growth Theory." In The New Palgrave Dictionary of Economics, 1–16. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_704-2.

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Manuelli, Rodolfo E. "neoclassical growth theory (new perspectives)." In Economic Growth, 193–206. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230280823_25.

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Das, Sibabrata, Alex Mourmouras, and Peter C. Rangazas. "Extensions to Neoclassical Growth Theory." In Springer Texts in Business and Economics, 51–89. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-14265-4_3.

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Manuelli, Rodolfo E. "Neoclassical Growth Theory (New Perspectives)." In The New Palgrave Dictionary of Economics, 9398–407. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_2372.

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Manuelli, Rodolfo E. "Neoclassical Growth Theory (New Perspectives)." In The New Palgrave Dictionary of Economics, 1–10. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_2372-1.

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Conference papers on the topic "Neoclassical growth theory"

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Vadasz, Peter, and Alisa S. Vadasz. "Impact of Metabolic Mass Transfer on Monotonic Growth of Micro-Organisms." In ASME 2008 9th Biennial Conference on Engineering Systems Design and Analysis. ASMEDC, 2008. http://dx.doi.org/10.1115/esda2008-59569.

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A proposed Neoclassical growth theory of micro-organisms is shown to apply in a much wider variety of cases, from micro-level organisms via animal and human cell growth and up to the macro-level populations encountered in ecology. Including the metabolic mass transfer effects, that are an essential ingredient of the Neoclassical Theory, allows for the recovery of substantial and distinct phenomena observed experimentally. The proposed theory identifies the mechanism controlling the Lag phase, a result that holds impressive future potential in diverse applications. Different theoretical results are presented and compared with experimental data to substantiate the claim that the model based on the Neoclassical Growth Theory is the only available model that produces results, which are consistent with all experimental evidence.

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Vadasz, Peter, and Alisa S. Vadasz. "Metabolic Mass Transfer Effect in Monotonic and Non-Monotonic Growth of Micro-Organisms." In ASME 2003 Heat Transfer Summer Conference. ASMEDC, 2003. http://dx.doi.org/10.1115/ht2003-47373.

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A proposed Neoclassical growth theory of micro-organisms is shown to apply in a much wider variety of cases, from micro-level organisms via animal and human cell growth and up to the macro-level populations encountered in ecology. Including the metabolic mass transfer effects, that are an essential ingredient of the Neoclassical Theory, allows for the recovery of substantial and distinct phenomena observed experimentally. The proposed theory identifies the mechanism controlling the Lag phase, a result that holds impressive future potential in diverse applications. Different theoretical results are presented and compared with experimental data to substantiate the claim that the model based on the Neoclassical Growth Theory is the only available model that produces results, which are consistent with all experimental evidence.

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Şerban, Octavian. "From Endogenous Growth Theory to Knowledge Economy Pyramid - Comparative Analysis of Knowledge as an Endogenous Factor of Development." In International Conference Innovative Business Management & Global Entrepreneurship. LUMEN Publishing, 2020. http://dx.doi.org/10.18662/lumproc/ibmage2020/09.

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The transition from the neoclassical model with exogenous input of technological progress perspective toward R&D model with endogenous growth of knowledge perspective is not completed, but the premises of innovation, research, education, and entrepreneurship push the limits of labour-intensive economy to knowledge-intensive economy, where knowledge is a valuable resource for sustainable growth in the long-run and the role of Intellectual Capital is critical for increasing productivity and competitiveness. By introducing Intellectual Capital in the endogenous growth model, instead of Human Capital, we have the possibility to reflect better the difference between the market value of production and physical value. In the technological era, innovation and research are able to increase the market value comparing with the accounting value. In the 4th Industrial Revolution, this model is able to be changed dramatically if we take into account the possibility of machines to create knowledge through Artificial Intelligence, Internet of Things, new biotechnologies, new materials, and nanotechnology. For this reason, the more important action for the economic processes is to manage knowledge, starting with increased awareness, accurate measurement system, improved taxonomy, dedicated processes, and so on. In such conditions, the equation of growth theory has to be rewritten soon. The purpose of this research is not to provide a silver bullet of measurement Total Factor Productivity (TFP), but to understand better the part of productivity dedicated to the intangible and to validate this approach within the KEP model. Knowledge Economy Pyramid (KEP) is a valuable environment for incubating and accelerate knowledge in the process, as long as KEP model is creating a collaborative environment where the related stakeholders – universities, factories, technology providers, government, administration, local communities, clusters – are working together in order to achieve the objective of increasing productivity and competitiveness.

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Bistrova, Julija, and Natalja Lace. "EFFECT OF INNOVATION ON THE EU MEMBER-COUNTRIES ECONOMIC DEVELOPMENT." In Business and Management 2016. VGTU Technika, 2016. http://dx.doi.org/10.3846/bm.2016.56.

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Neoclassical economic theory states that the growth of the nation primarily is dependent on the innovation potential of the country. However, this theory is often being refuted by the recent empirical research, proving that the innovations are becoming more cost-extensive, late in generating return on invested capital and not as useful as they used to be. The present study researches the effect of innovation on the EU member-countries economic development, having selected R&D expenses, number of patents and number of researchers as innovation proxies. The results prove that there is a strong relationship between the R&D expenses and GDP growth as well as the labour productivity, but no evidence was found that the number of scientists or the number of patents significantly influence economic development of the country. The authors also ran a regression between the scientific productivity and impact and the GDP per capita to discover the strong relationship between the variables. However, the causality of the relationship should be studied further.

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SUKHAREV, Oleg, and Vladimir CHAPLYGIN. "ECONOMIC POLICY OF GROWTH: SELECTION OF INSTITUTES AND TECHNOLOGICAL MODELS OF DEVELOPMENT." In Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.006.

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Purpose – to study the possibilities of institutional theory to establish a modern theory of economic growth, including the factors of institutions and technologies changes. These factors are a set of rules with high coercive force to the agents’ action form a particular mode/model of their adaptation, together with other institutions. Research Methodology – the neoclassical models of economic growth, which may include institutional factors and to study their impact on the growth and change of the factors, into the business practice are applied. The key scientific problem is to choose the right market Institute for a proper way of technological development. The authors use the micro-level analysis of the agents and institutions’ interaction in the process of new technologies appearance. Morphological and taxonomic analysis in order to highlight the models of technological development and economic growth had been applied. Findings – the research results may enrich an economic theory and practice in the area of business models applicability. The findings may assist a business community to influence the general technological development within the national institutional systems. Research limitations – due to the fact that different institutions, structures and technologies act on the economic dynamics at the same time, separating their influence is an independent scientific problem that is not solved in all cases. However, the set of considered institutional factors forms and provides a kind of “manufacturability” of economic growth. Practical implications – the so-called institutional macroeconomics as a practical discipline (which has a very close connection with behavioural macroeconomics) may assist to explore the economic growth from the point of view of changing institutions (firms, business community), labour markets and information – technical and technological changes. Originality/Value – the value of the research consists in the systematization of institutional factors affecting the economic growth, conducting a morphological structural analysis of growth types, which allow identifying eight main growth trajectories in business activity.

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Ganiev, Junus, Tezcan Abasız, and Damira Baigonushova. "Foreign Capital Inflows and Economic Growth in the Eurasian Economic Union Countries." In International Conference on Eurasian Economies. Eurasian Economists Association, 2022. http://dx.doi.org/10.36880/c14.02615.

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The theoretical foundation for foreign capital-led growth hypothesis could be traced back to the neoclassical and endogenous growth theories, which see capital as the main source of growth. Foreign capital inflows are important because they close the savings-investment gap in developing countries. After independence, the Eurasian Economic Union countries, which were faced with the problem of inadequacy of domestic resources for economic development, became highly dependent on foreign sources and gave great importance to foreign aid and foreign debt, as well as to foreign investments. When viewed proportionally, the share of foreign aid is naturally low, and infrastructure investments constantly increase the external debt burden of future generations. On the other hand, although foreign direct investments contribute to the country’s economy, they do not directly increase the country’s debt burden. Therefore, it is considered as a more preferred foreign source. In this study, the effects of foreign investments and total external debt on economic growth in the EAEU countries were investigated. The quarterly data of five countries for the period of 2010-2021 were analyzed by panel data analysis. According to the panel ARDL cointegration approach, it has been revealed that there is a cointegration relationship between external resources and GDP in the EAEU countries. It has been determined that only foreign direct investments and total foreign debt have a statistically significant effect on GDP in the long run. In accordance with the general literature and theory, both coefficients were positive.

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Doğan, Harun. "A Test of the McKinnon’s Complementarity Hypothesis between Money and Physical Capital in the Case of Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00330.

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The main purpose of this study is to empirically investigate the validity of McKinnon’s complementarity hypothesis on economic growth of Kyrgyzstan for the period of 1996–2009. McKinnon’s (1973) central thesis argues poorly functioning financial systems in developing countries may effect investment quality and growth rate of the economy in negative direction. McKinnon’s (1973) complementary hypothesis predicts that money and investment are complementary, to the contrast neoclassical and Keynesian theory, due to a self-financed investment in developing economies. In other words, according to McKinnon, financial liberalization should generate positive impacts on growth as consequence of positive relation between money and physical capital in developing countries after financial liberalization. The empirical researches conducted on complementarity hypothesis have found mixed results on the link between money and physical capital. However, empirical analysis of Kyrgyzstan’s economy is very important because of its peculiarities, it has both a trancition and developing economy, which in case of the McKinnon’s complementarity hypothesis is very essential. Thus, Kyrgyzstan, as many developing countries, have undertaken financial liberalization programs during the past twenty years after collapse of Soviet Union. Therefore, the study analyzes long run and short run association among the real rate of interest on deposits, private investments, economic growth, and domestic savings behavior in Kyrgyzstan, using annual time series data for 1996-2009 with techniques of ARDL Cointegration Error Correction Model. The results does not support the McKinnon’s complementarity hypothesis between money and physical capital on the period for 1996-2009 in the Kyrgyzstan’s Economy.

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Tekgül, Yelda, and Mehmet Fatih Cin. "The Rise and Fall of the Washington/Post Washington Consensus as a Neoclassical Paradigm and Alternative Recommendations of Post Keynesians Economics." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01107.

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The Washington Consensus was accepted as common wisdom on policies for development and growth. The set of policies of the Washington Consensus was applied to structural crisis in Latin America and developing economies. Williamson identified 10 policy instruments whose proper deployment Washington could muster a reasonable degree of consensus. Williamson summarizes the content of the Washington Consensus as macroeconomic prudence, outward orientation, domestic liberalization, and free market policies consistent with neoclassical mainstream economic theory. The policy set was modified to the point that Williamson substituted the original name with a new label “Post Washington Consensus. The “Post Washington Consensus” designated a “new set of policy reforms” for Latin America and Developing Countries. The aim of this paper is to compare the two sets of controversial policies, the “Washington Consensus” and “Post Washington Consensus” and offer an alternative based on the Post Keynesian framework. The goal of Post Keynesian framework is the promotion of sensible prudent economic and social development that is equitable, stable and sustainable. The main purpose of the Post Keynesian policy framework proposed in this paper is to go beyond the Post Washington Consensus by emphasizing the importance of a possible new direction for economic policy for developing countries.

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Frey, Miriam, and Carmen Wieslhuber. "Convergence Across Kazakh Regions." In International Conference on Eurasian Economies. Eurasian Economists Association, 2010. http://dx.doi.org/10.36880/c01.00214.

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Even though Kazakhstan is one of the most successful transition countries in Central Asia it has been neglected in the literature on regional convergence. This paper fills the gap with an empirical analysis of the convergence process on the regional level using annual gross regional product (GRP) data for the period 1998-2008 for the 16 Kazakh regions. Sigma convergence implies that the dispersion of per capita GRP, measured as the standard deviation of per capita GRP across regions, declines over time. Given the growing variation in per capita GRP over time this phenomenon cannot be found for Kazakhstan. In the neoclassical growth model, under the assumption of similar steady states, the growth rate of per capita GRP is negatively related to the initial level of per capita GRP. Surprisingly, we do not find this relation for the Kazakh regions. The data show that there is no evidence for absolute beta convergence. In contrast, the Kazakh regions even seem to diverge.

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Юлия, Дубровская, and Тарасова Юлиана. "QUANTITATIVE ASSESSMENT OF THE DIGITAL TRANSFORMATION OF THE MANUFACTURING INDUSTRY IN REGIONAL CENTERS OF THE RUSSIAN FEDERATION: A BENCHMARKING APPROACH." In MODERN CITY: POWER, GOVERNANCE, ECONOMICS. Publishing House of Perm National Research Polytechnic University, 2020. http://dx.doi.org/10.15593/65.049-66/2020.24.

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The article analyzes the issue of readiness of regional centers of the Russian Federation for Industry 4.0. It is shown that the main problem of a full-fledged transition is a high degree of depreciation of fixed assets in the manufacturing industry. Due to the fact that digital tools are adapted to innovative equipment, full-scale digitalization threatens to lag behind for those cities that have not fully upgraded their equipment. In order to assess the impact of technological modernization of the industrial sector on the level of digital development of territories, an ordered logit model was built based on data from 85 regional centers of Russia in 2017. The results obtained in the course of modeling are consistent with the theoretical provisions of the neoclassical Solow model of economic growth and prove the high impact of technological modernization of the industrial sector on the level of digital development of regional centers, which are centers of concentration of social, economic, cultural and other ties that together determine the prospects for the transition of the national economy to Industry 4.0.

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Reports on the topic "Neoclassical growth theory"

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Mehra, Rajnish, Facundo Piguillem, and Edward Prescott. Costly Financial Intermediation in Neoclassical Growth Theory. Cambridge, MA: National Bureau of Economic Research, September 2008. http://dx.doi.org/10.3386/w14351.

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