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Journal articles on the topic 'Neoclassical growth theory'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 January 2023

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1

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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2

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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3

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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4

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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6

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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7

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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8

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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9

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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10

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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11

Deller, Steven C., Brian W. Gould, and Bruce Jones. "Agriculture and Rural Economic Growth." Journal of Agricultural and Applied Economics 35, no. 3 (December 2003): 517–27. http://dx.doi.org/10.1017/s107407080002825x.

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The role of farm dependency and size on rural economic growth is examined with data from 2,240 nonmetropolitan U.S. counties for the period 1990–1995. A simple neoclassical model of regional economic growth is set forth with a central question relating to the role of agriculture on rural economic convergence. Traditional neoclassical theory predicts that poor rural areas should grow proportionally faster than rich areas. As interpreted in the academic literature and popular press, a preponderance of small family farms should enhance growth. Results suggest that a higher level of local dependence on production agriculture could lower growth rates.

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12

Sainsbury, David. "Toward a dynamic capability theory of economic growth." Industrial and Corporate Change 29, no. 4 (December 12, 2019): 1047–65. http://dx.doi.org/10.1093/icc/dtz054.

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Abstract New theories of economic growth that are policy-relevant and connect with the histories of success and failure in economic development are urgently needed. This article compares the neoclassical (or market efficiency) school of thought with the production-capability school of thought which included Alexander Hamilton, Friedrich List, and Joseph Schumpeter. Many affirmative, industrial policy steps by governments to promote economic development have been historically recorded—including in the UK and the United States. Meanwhile the neoclassical school has ignored the role of government in helping to create competitive advantage. It has also chosen to ignore how firms are formed, how technologies are acquired, and how industries emerge. The dynamic capability theory of economic growth developed here assigns the central role in economic growth to firms but also an important role to governments. The rate at which a country’s economy grows depends critically on whether its firms can build the capabilities to generate and take advantage of “windows of opportunity” that exist for innovation and new markets, and whether over time they are able to enhance their capabilities to move into higher value-added activities.1

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13

Grossman, Gene M., and Elhanan Helpman. "Endogenous Innovation in the Theory of Growth." Journal of Economic Perspectives 8, no. 1 (February 1, 1994): 23–44. http://dx.doi.org/10.1257/jep.8.1.23.

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This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of ‘endogenous growth.’ Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us.

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Cvetanović, Slobodan, and Igor Novaković. "COMMERCALIZATION OF KNOWLEDGE INTO INNOVATION IN THEORY OF ECONOMIC GROWTH AND DEVELOPMENT." Knowledge International Journal 33, no. 1 (August 30, 2019): 15–20. http://dx.doi.org/10.35120/kij3301015c.

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Theoretical explications of the category of economic development imply the application of research methods that touch not only the economic but also the numerous political, demographic, ethical and environmental dimensions of development. Primarily because of this fact, theoretical explications of economic development can be very imprecise in form and sometimes of a very extensive nature, despite the fact that a descriptive method in the study of particular economic phenomena can significantly replace analytical precision. In any case, logical consistency in qualifying the phenomena characteristic of the theoretical explication of economic development plays an extremely important role and importance. If the content of the theory of economic development is understood in this way, it can also be interpreted as its effort to determine the conditions conducive to achieving a high rate of economic growth over a long period. This is why economic development theorists use a far broader and more diverse analytical ways in their research compared to researchers interested solely in economic growth issues.In addition to standard factors of production (land, labor and capital), neoclassical theory of economic growth also recognized production factors of intangible character in the form of residuals, that is, innovations understood in the broadest sense of the word. This fact can be marked as a key change in economic science related to economic development research. However, a major drawback of the neoclassical theory of economic development is the neglect of explaining the drivers of innovation as a key factor in economic growth. Relying, at the same time, on the dominant linear model of innovation, neoclassical theory states that knowledge commercialized into innovation is by far the most significant driver of economic growth. However, neoclassical models assume that innovations occur spontaneously and that they represent a logical response to market stimuli, that is, they possess traits of the public good, which was basically the greatest weakness of this theoretical direction.Endogenous growth models in conceptual terms have succeeded in overcoming the stagnant neoclassical economic theory theorem that economic growth, in the absence of knowledge valorized in innovation, is a time-limited process. The key drivers of knowledge in new theories of economic growth and development are endogenous and crucial in the process of creating new value. They account for the manifestation of external effects, that is, they explain the possibility of declining returns on production factors at the aggregate level due to the unlimited possibilities of commercialization of knowledge into innovation.

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15

VADASZ, PETER, and ALISA S. VADASZ. "ON THE GOMPERTZ LIMIT OF THE MONOTONIC NEOCLASSICAL GROWTH MODEL." Journal of Mechanics in Medicine and Biology 09, no. 01 (March 2009): 63–80. http://dx.doi.org/10.1142/s0219519409002857.

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The burden of proof of any theory aiming to represent a physical or biological reality by demonstrating its unifying properties is applied in the present paper in relation to the Neoclassical growth model and its ability to reproduce Gompertz growth. The Neoclassical growth model derived from first biological and physical principles was shown to capture all qualitative features that were revealed experimentally, including the possibility of a Logarithmic Inflection Point (LIP), the possibility of a LAG, concave as well as convex curves on the phase diagram, the Logistic growth as a special case, growth followed by decay, as well as oscillations. In addition, quantitative validation demonstrated its ability to reproduce experimental data in a few tested cases. This paper demonstrates that the Neoclassical growth model can reproduce a Generalized version of Gompertz growth too.

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16

Hong, A.-Sung. "Performativity of Neoclassical Economic Theory : Economic Liberalization and Economic Growth." Society and Theory 24 (May 31, 2014): 95. http://dx.doi.org/10.17209/st.2014.05.24.95.

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17

Crafts, N. "'Post-neoclassical endogenous growth theory': what are its policy implications?" Oxford Review of Economic Policy 12, no. 2 (June 1, 1996): 30–47. http://dx.doi.org/10.1093/oxrep/12.2.30.

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18

Zhang, Wei-Bin. "Monopolies and perfect competition in Solow–Uzawa’s general equilibrium growth model." Russian Journal of Industrial Economics 12, no. 4 (January 3, 2020): 405–15. http://dx.doi.org/10.17073/2072-1633-2019-4-405-415.

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The purpose of this study is to introduce monopolies to neoclassical growth theory. This unique contribution attempts to make neoclassical economic growth theory more realistic in modelling the complexity of economic growth and development with different types of market structures. This study is based on a few well-established economic theories in the literature of economics. We frame the model on basis of the Solow–Uzawa two-sector growth model. The modelling of monopoly is based on well-developed monopoly theory. We model behavior of the household with Zhang’s concept of disposable income and utility function. The model endogenously determines profits of monopolies which are equally distributed among the homogeneous population. We build the model and then identify the existence of an equilibrium point by simulation. We conduct comparative static analyses in some parameters.

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19

Rumanzi, Peter Ivans, Dickson Turyareeba, Will Kaberuka, Robert Ndyanabo Mbabazize, and Peter Ainomugisha. "Uganda’s growth Determinants: A Test of the Relevance of the Neoclassical Growth Theory." Modern Economy 12, no. 01 (2021): 107–39. http://dx.doi.org/10.4236/me.2021.121006.

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20

Padda, Ihtsham ul Haq, and Naeem Akram. "The Impact of Tax Policies on Economic Growth: Evidence from South-Asian Economies." Pakistan Development Review 48, no. 4II (December 1, 2009): 961–71. http://dx.doi.org/10.30541/v48i4iipp.961-971.

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The public policy instruments, such as tax rate changes, have different implications in exogenous (neoclassical) and endogenous growth theories. The neoclassical theory predicts that changes in a country’s tax structure should have only transitory impact on its long-run economic growth while endogenous growth theory argues that such changes may have an effect impact on the growth. This study tests whether tax policies conducted by Pakistan, India and Sri Lanka have transitory or permanent effect on their economic growth. The study finds transitory and negative effect of tax rate on the growth only for short-term but has no effect in the long-term. The tax rates in all these countries are low as compared to developed countries. Due to low tax rates these countries heavily depend on bond financing and foreign debt. In view of the findings of this study most important policy implication of the study is that to finance the budget and most of their revenue requirements should be financed with tax increases and if necessary bond financing should be contingent providing a guard against transitory shocks to the budget. JEL classification: H10, E62, O40 Keywords: Neoclassical Growth; Endogenous Growth; Fiscal Policy; Tax Smoothing

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21

Davenport, Paul. "Investissement, progrès technique et croissance économique." Articles 58, no. 1-2 (January 19, 2009): 153–90. http://dx.doi.org/10.7202/601018ar.

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Abstract This paper combines a critical review of the current state of the theory of economic growth with some suggestions for new directions in growth theory. The development of the neoclassical theory of growth and distribution is surveyed, with emphasis on the distribution theory of J.B. Clark, the regression analysis of C.W. Cobb and P.H. Douglas, the growth accounting of R.M. Solow and E.F. Denison, and the reswitching controversy, involving critical contributions by Joan Robinson, Piero Sraffa, and Luigi Pasinetti. Neoclassical growth models, including vintage models, are based on the theoretical separation of investment and technical change, which leads to the curious conclusion that investment is not a central part of the growth process. Post-Keynesian growth models, such as those of Nicholas Kaldor and John Cornwall, deny that such a separation is theoretically or empirically meaningful, and instead put investment at the heart of the growth process. The paper constructs a growth model along post-Keynesian lines, in which the growth rate, the distribution of income, and the normal unemployment rate are endogenous functions of the propensity to invest.

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22

Zhang, Wei-Bin. "Capital Accumulation, Technological Progress and Environmental Change in a Three-Sector Growth Model." International Journal of Information Systems and Social Change 3, no. 3 (July 2012): 1–18. http://dx.doi.org/10.4018/jissc.2012070101.

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This paper builds a dynamic growth model with wealth accumulation, technological change, and environmental change on the basis of the neoclassical growth theory with an alternative approach to household behavior. The model synthesizes the economic growth mechanism in the neoclassical growth theory, Arrow’s learning-by-doing, and the environmental change in some traditional dynamic models of environmental economics. It describes a dynamic interdependence among wealth accumulation, technological change, and environmental change under perfect competition with environmental taxes. The author simulated the model to demonstrate existence of equilibrium points and motion of the dynamic system. In particular, the author demonstrated effects of changes in the government policy and preference upon both short-run and long-run economic behavior of the system.

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23

Pack, Howard. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings." Journal of Economic Perspectives 8, no. 1 (February 1, 1994): 55–72. http://dx.doi.org/10.1257/jep.8.1.55.

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This paper examines whether the recent theoretical insights stemming from endogenous growth theory have provided a better guide to explaining actual growth experience than the neoclassical model. The paper considers the available empirical evidence on a number of related subjects, including the slowing of growth in the OECD countries over the last two decades; the acceleration of growth in several Asian countries since the early 1960s; studies of the determinants of growth in a cross-country context; and sources of the differences in international productivity levels. It concludes that the empirical confirmation, so far, of endogenous growth theory is limited.

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24

Texocotitla, Miguel Alvarez, M. David Alvarez-Hernández, and Shaní Eneida Alvarez-Hernández. "Dimensional Analysis in Economics: A Study of the Neoclassical Economic Growth Model." Journal of Interdisciplinary Economics 32, no. 2 (July 24, 2019): 123–44. http://dx.doi.org/10.1177/0260107919845269.

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The fundamental purpose of the present research article is to introduce the basic principles of dimensional analysis in the context of the neoclassical economic theory, in order to apply such principles to the fundamental relations that underlay most models of economic growth. In particular, basic instruments from dimensional analysis are used to evaluate the analytical consistency of the neoclassical economic growth model. The analysis shows that an adjustment to the model is required in such a way that the principle of dimensional homogeneity is satisfied. JEL: A12, C02, C65, O40

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Knight, Malcolm, Norman Loayza, and Delano Villanueva. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach." Staff Papers - International Monetary Fund 40, no. 3 (September 1993): 512. http://dx.doi.org/10.2307/3867446.

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26

Fanti, Luciano, and Piero Manfredi. "Neoclassical production theory and growth with unemployment: The stability issue revisited." Structural Change and Economic Dynamics 20, no. 2 (June 2009): 126–35. http://dx.doi.org/10.1016/j.strueco.2008.12.002.

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27

Knight, Malcolm D., Delano Villanueva, and Norman Loayza. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach." IMF Working Papers 92, no. 106 (1992): i. http://dx.doi.org/10.5089/9781451947052.001.

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28

Todorov, Vasil. "THE METHODOLOGY OF NEOCLASSICAL ECONOMICS: A CONTEMPORARY DISCOURSE." Economic Thought journal 67, no. 1 (June 1, 2022): 7–27. http://dx.doi.org/10.56497/etj2267101.

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The article presents a summarized characteristics of neoclassical economics methodology, its components, and expressed views. The identified core features of economic methodology are: apriorism; deductivism, a priori deductivism; axiomatic/postulate method; axiomatic-deductive theory building; mathematical formalization; the concept of true theory, typical for neo-classics; instrumentality; theory testing through predictions of its effect, automation, reduction and methodological individualism; ignoring the community and natural environment. Conclusions are made that (1) the leading impact factor for neoclassical economics growth is a priori and axiomatic deductivism in particular (and not methodological individualism, as commonly accepted) and (2) the primary reasons for the development of neoclassical economics in the second half of the 20th century till now, as an instrumental and not an explanatory theory, and its discrepancy with reality, are mainly due to the methodology. A question is raised: what kind of theory – instrumental or explanatory – should be taught in universities and dominate in the expert, macro-management and public space?

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29

Kouba, Luděk. "Discussion on the conclusions of the Neoclassical Growth Theory and the New Growth Theory and the alternative explanation for the different economic performance." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 53, no. 3 (2005): 251–56. http://dx.doi.org/10.11118/actaun200553030251.

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The paper in the first instatnce resumes the conclusions of the most important contemporary growth approaches – the Neoclassical Growth Theory and the New Growth Theory. In the third part there are discused crucial aspects of the both growth approaches and are mentioned some empirical arguments. The final part of this paper presents three conclusions: the challenge to validity of the New Growth Theory. The question about the basic traditional growth theory assumption that individual economies occur the production possibility frontier. And finally the conviction that the necessary condition for the succesful economic development is the right institutional system.

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ESTOLA, MATTI. "A DYNAMIC THEORY OF A FIRM: AN APPLICATION OF 'ECONOMIC FORCES'." Advances in Complex Systems 04, no. 01 (March 2001): 163–76. http://dx.doi.org/10.1142/s0219525901000036.

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Static neoclassical theory of a firm and its dynamization by dynamic optimization assume profit functions inconsistent with each other. As a solution to this, we present a dynamic theory of a firm which is consistent with the static neoclassical theory. We define the 'economic forces' which act upon the production of the firm and show that the adjustment of production in a profit-seeking way may be stable or unstable. Explosive unstable production dynamics may occur due to 'economies of scale' or due to the development of wealth or technology; in stable cases the adjustment leads to the profit maximizing situation. Our model provides a micro basis for the modeling of economic growth at macro-level.

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31

Sredojević, Dragoslava, Slobodan Cvetanović, and Gorica Bošković. "Technological Changes in Economic Growth Theory: Neoclassical, Endogenous, and Evolutionary-Institutional Approach." Economic Themes 54, no. 2 (June 1, 2016): 177–94. http://dx.doi.org/10.1515/ethemes-2016-0009.

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Abstract The aim of the research in this paper is to analyse the issue of the treatment of the category of technological changes within the main aspects of economic growth theory. The analysis of the key positions of neoclassical theory (Solow), endogenous approach (Romer), and evolutionary growth theory (Freeman) advocates has pointed to the conclusion that these approaches agree on the fact that the category of technological changes is a key generator of economic growth. Neoclassicists were the first to explicitly analyse the category of technological changes in growth theory. They exerted a strong influence on a large number of governments to allocate significant funds for scientific and research development, to stimulate the creation and diffusion of innovation. Supporters of endogenous theory also see the category of technological changes as a key driver of economic growth. Unlike neoclassicists, they emphasise the importance of externalities, in the form of technological spillover and research and development activities, for the creation and diffusion of innovation. Finally, evolutionary and institutional economists explore the category of technological changes inseparably from the economic and social environment in which they are created and diffused. Recommendations of this research can be of particular use to economic growth and development policy makers in the knowledge economy, whose basic and substantial feature is the so-called fourth industrial revolution

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32

Wei, Jiang, Kangping Wu, and Xuanming Ni. "A Dynamic General Equilibrium Model Satisfying Golden Rule in Neoclassical Growth Theory." Theoretical Economics Letters 07, no. 04 (2017): 975–81. http://dx.doi.org/10.4236/tel.2017.74066.

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Wei-Bin Zhang. "ENVIRONMENTAL DYNAMICS IN AN INTEGRATED WALRASIAN-GENERAL EQUILIBRIUM AND NEOCLASSICAL-GROWTH THEORY." Journal of Economic Development 39, no. 3 (September 2014): 51–80. http://dx.doi.org/10.35866/caujed.2014.39.3.004.

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34

McCombie, J. S. L. "A Synoptic View of Regional Growth and Unemployment: I - The Neoclassical Theory." Urban Studies 25, no. 4 (August 1988): 267–81. http://dx.doi.org/10.1080/00420988820080391.

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35

Kümmel, Reiner, and Dietmar Lindenberger. "Energy, Entropy, Constraints, and Creativity in Economic Growth and Crises." Entropy 22, no. 10 (October 14, 2020): 1156. http://dx.doi.org/10.3390/e22101156.

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The neoclassical mainstream theory of economic growth does not care about the First and the Second Law of Thermodynamics. It usually considers only capital and labor as the factors that produce the wealth of modern industrial economies. If energy is taken into account as a factor of production, its economic weight, that is its output elasticity, is assigned a meager magnitude of roughly 5 percent, according to the neoclassical cost-share theorem. Because of that, neoclassical economics has the problems of the “Solow Residual”, which is the big difference between observed and computed economic growth, and of the failure to explain the economic recessions since World War 2 by the variations of the production factors. Having recalled these problems, we point out that technological constraints on factor combinations have been overlooked in the derivation of the cost-share theorem. Biophysical analyses of economic growth that disregard this theorem and mend the neoclassical deficiencies are sketched. They show that energy’s output elasticity is much larger than its cost share and elucidate the existence of bidirectional causality between energy conversion and economic growth. This helps to understand how economic crises have been triggered and overcome by supply-side and demand-side actions. Human creativity changes the state of economic systems. We discuss the challenges to it by the risks from politics and markets in conjunction with energy sources and technologies, and by the constraints that the emissions of particles and heat from entropy production impose on industrial growth in the biosphere.

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36

Neill, Jon R. "Fueling the engine of growth with investment in infrastructure: A lesson from neoclassical growth theory." Journal of Macroeconomics 18, no. 3 (June 1996): 521–29. http://dx.doi.org/10.1016/s0164-0704(96)80035-8.

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37

Novokshonova, Elena, Marina Pivovarova, and Vladimir Tyurnin. "Impact of mathematical theory of exchange on national economic growth." MATEC Web of Conferences 239 (2018): 08020. http://dx.doi.org/10.1051/matecconf/201823908020.

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The paper presents the economic and mathematical theories of exchange by W.S. Jevons, L. Walras, J.E. Stiglitz, B. Holmström, and others. Theories of exchange are classified into classical (J.B. Say), neoclassical (A. Marshall), contractual (B. Holmström), natural scientific (V. Pareto), statistical. Mathematical models of exchange allow deepening the concept of competition. They show competition from the interaction of producers and the resulting uncertainty of exchange. It is shown that the emphasis on exchange to the detriment of production or, conversely, underestimation of exchange in economic regulation leads to a slowdown in economic growth. Research methods: abstraction, analysis and synthesis, the method of comparative descriptive analysis, economic and mathematical analysis.

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38

Cvetanovic, Slobodan, Milorad Filipovic, Miroljub Nikolic, and Dusko Belovic. "Endogenous growth theory and regional development policy." Spatium, no. 34 (2015): 10–17. http://dx.doi.org/10.2298/spat1534010c.

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The numerous versions of endogenous explanations of economic growth emphasize the importance of technological change driving forces, as well as the existence of appropriate institutional arrangements. Endogenous growth theory contributes to a better understanding of various experiences with long-term growth of countries and regions. It changes the key assumptions of the Neoclassical growth theory and participates in the modern regional development physiology explanation. Based on these conclusions, the paper: a) explicates the most important theoretical postulates of the theory, b) explains the most important factors of economic growth in the regions in light of the Endogenous growth theory messages and c) emphasizes the key determinants of regional competitiveness which in our view is conceptually between the phenomena of micro- and macro-competitiveness and represents their necessary and unique connection. First of all, micro-competitiveness is transformed into a regional competitiveness; then regional competitiveness is transformed into a macro-competitiveness. In turn, macro - influences the microeconomic competitiveness, and the circle is closed. After that, the process starts over again.

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39

Zhang, Wei-Bin. "Stackelberg-Nash Equilibrium and Perfect Competition in the Solow-Uzawa Growth Model." Lecturas de Economía, no. 96 (February 14, 2022): 315–43. http://dx.doi.org/10.17533/udea.le.n96a342588.

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This study introduces Stackelberg-Nash equilibrium to neoclassical growth theory. It attempts to make neoclassical economic growth theory more robust in modelling the complexity of market structures. The model is constructed within the framework of the Solow-Uzawa two-sector model. The economy is composed of two sectors. The final goods sector is the same as in the Solow one-sector growth model which is characterized by perfect competition. The consumer goods sector is the same as the consumer goods sector in the Uzawa model but is characterized by Stackelberg duopoly. We model household behavior with Zhang’s concept of disposable income and utility. The model endogenously determines profits of duopoly which are equally distributed among the homogeneous population. We build the model and then identify the existence of an equilibrium point through simulation. We conduct comparative static analyses of some parameters. We also compare the economic performance of the traditional Uzawa model and the model with the Stackelberg-Nash equilibrium. We conclude that the imperfect competition increases national output, national wealth, and utility level in comparison to perfect competition.

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Cvetanović, Slobodan, Uroš Mitrović, and Marko Jurakić. "Institutions as the Driver of Economic Growth in Classic, Neoclasic and Endogenous Theory." Economic Themes 57, no. 1 (March 1, 2019): 111–25. http://dx.doi.org/10.2478/ethemes-2019-0007.

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AbstractThe research in this paper focuses on the perception of institutions as the drivers of economic growth. A critical presentation of the views of classical, neoclassical and endogenous growth theorists on this issue is given. It was pointed out that the classical economic theory presented in the works of Smith, Ricardo and Malthus implies the importance of the existence of an appropriate institutional framework for initiating economic growth. The attitude of the classics is that the state can stimulate economic growth through various measures aimed at building quality institutions. On the contrary, the neoclassical growth theory has completely neglected the treatment of institutions in the analysis of economic growth. Institutions as drivers of economic growth are not taken into account in the Robert Solow’s model. However, broadly speaking, it can be assumed that the impact of institutions on the initiation of economic growth is embedded in the category of residuals and the premise of the existence of a high substitution of production factors. But, this fact, even from a distance, does not call into question the general conclusion about the unacceptable neglect of the importance of institutions in explaining the physiology of economic growth by neoclassicists. Finally, the paper emphasizes the fact that only with the emergence of an endogenous growth theory, the question of the underdevelopment of the institutions as an important model of slow economic progress of certain countries is explored. Unfortunately, the developed theoretical models of growth, which include institutions as a full concept, still do not exist in the endogenous theory of economic development.

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Borozan, Djula. "Internal Migration, Regional Economic Convergence, and Growth in Croatia." International Regional Science Review 40, no. 2 (July 26, 2016): 141–63. http://dx.doi.org/10.1177/0160017615572889.

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The article aims to explore internal migration flows, test for economic convergence, and assess the effects of internal migration (net and gross) on convergence and growth in terms of a neoclassical model in Croatia in the period 2000 to 2011. Croatia is a country with significant and persistent regional economic disparities, migration, and turbulent economic and political changes. The main findings of panel data analysis with fixed effects show that (i) contrary to the expectations based on neoclassical theory, the Croatian counties have been facing absolute and conditional economic divergence; (ii) in- and out-migration works symmetrically; (iii) net migration mainly appears to be a force that accelerates divergence, just opposite to gross in- and out-migration; (iv) although the estimated parameters of net and gross migration have expected signs, their effect size lies in the range from statistically significant but minor to insignificant; and (v) migrant characteristics and behavior matter when the effect size is considered.

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BUENO, NEWTON PAULO. "A nova teoria neoclássica do crescimento e o problema do subdesenvolvimento econômico brasileiro." Brazilian Journal of Political Economy 18, no. 2 (June 1998): 213–28. http://dx.doi.org/10.1590/0101-31571998-1264.

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RESUMO O objetivo do artigo é mostrar que a teoria do crescimento endógeno é, na melhor das hipóteses, insuficiente para explicar o subdesenvolvimento econômico brasileiro. A principal razão para isso é que essa teoria atribui grande importância ao papel do capital humano no processo de crescimento econômico que não é justificável no caso brasileiro. Em vez disso, o principal problema da economia brasileira parece ser a incapacidade de seu setor moderno de absorver a maioria da população. Isso não pode ser feito apenas através do aumento de capital humano; requer, em primeiro lugar, um grande programa de investimento físico para ampliar o tamanho do setor moderno atualmente aberto apenas a uma minoria da população, insuficiente para permitir a recuperação da economia brasileira.

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Ho, Kong Weng, and Hian Teck Hoon. "Productivity Growth and Public Sector Employment." American Economist 42, no. 2 (October 1998): 73–79. http://dx.doi.org/10.1177/056943459804200207.

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Our model endogenizes the share of public sector employment in a neoclassical growth model. Under the assumptions that public sector production is labor intensive and the elasticity of substitution between capital and labor is less than one, the public share of employment is shown to decline with a rise in capital per effective worker. Our theory predicts that periods of high productivity growth are associated with a rising trend of the public share of employment. This prediction conforms well with U.S. experience from 1950–1995.

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Bartkiw, Timothy J. "Labour Law and Triangular Employment Growth: A Theory of Regulatory Differentials." International Journal of Comparative Labour Law and Industrial Relations 30, Issue 4 (December 1, 2014): 413–33. http://dx.doi.org/10.54648/ijcl2014024.

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This article examines growth in triangular employment and related staffing services. A review of competing understandings of triangular employment growth through the lens of three alternative theoretical paradigms (neoclassical, institutionalist, and critical) illuminates the space for the notion of triangular employment growth as problematic and reinforces the theoretical importance of the relationship between triangular employment growth and labour law. To this end, the concept of a 'regulatory differential' - a differential effect of regulation that occurs as between triangular and direct employment forms - is developed; a taxonomy of various forms, these take in any given jurisdiction is provided; and the relationship between underlying regulatory differentials and employer status rules is discussed.

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Zhang, Wei-Bin. "Capital and Knowledge: Integrating Arrow’s Learning-by-Doing, the Walrasian Equilibrium Theory and Neoclassical Growth Theory." South Asian Journal of Macroeconomics and Public Finance 3, no. 2 (November 30, 2014): 267–93. http://dx.doi.org/10.1177/2277978714548638.

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Pender, John L. "Population growth, agricultural intensification, induced innovation and natural resource sustainability: An application of neoclassical growth theory." Agricultural Economics 19, no. 1-2 (September 1998): 99–112. http://dx.doi.org/10.1111/j.1574-0862.1998.tb00519.x.

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Pender, J. "Population growth, agricultural intensification, induced innovation and natural resource sustainability: An application of neoclassical growth theory." Agricultural Economics 19, no. 1-2 (September 1, 1998): 99–112. http://dx.doi.org/10.1016/s0169-5150(98)00024-3.

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Zhang, Wei-Bin. "Economic Growth and Inequality with Tourism in an Integrated Walrasian-General Equilibrium and Neoclassical-Growth Theory." Zagreb International Review of Economics and Business 21, no. 1 (May 1, 2018): 17–36. http://dx.doi.org/10.2478/zireb-2018-0002.

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Abstract This paper studies dynamic interdependence between economic growth, tourism, and inequalities in income and wealth in a small open economy. We build the dynamic model in an integrated Walrasian-general equilibrium and neoclassical-growth theory for a small open economy with multiple sectors and heterogeneous households in a perfectly competitive economy. The economy consists of one service sector which supplies non-traded services and one industrial sector which produces traded goods. We treat wealth accumulation and land distribution between housing and supply of services as endogenous variables. We show that the motion of the economy with J types of households is given by J nonlinear differential equations. We simulate the motion of the system with three groups of households. We also conduct comparative dynamic analysis with regards to the rate of interest, the price elasticity of tourism, the global economic condition, and the rich class’ human capital, and the rich class’ propensity to consume housing.

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Zhang, Wei-Bin. "Discrimination and Inequality in an Integrated Walrasian-General-Equilibrium and Neoclassical-Growth Theory." Asian Journal of Economic Modelling 5, no. 1 (2017): 57–76. http://dx.doi.org/10.18488/journal.8/2017.5.1/8.1.57.76.

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Nurul Hossain, A. K. M., and Mohammad Abdul Munim Joarder. "Does the formation of RTA support the neoclassical growth theory and convergence hypothesis?" Journal of Economic Studies 41, no. 1 (January 7, 2014): 51–70. http://dx.doi.org/10.1108/jes-10-2011-0122.

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Purpose – The authors considered three regional trading agreements (RTAs): European Union (EU-25), ASEAN Free Trade Area (AFTA), and South Asian Free Trade Area (SAFTA) to test the hypothesis that poor members within a RTA catch rich members and thereby follow the path of income convergence. Of particular interest is to test whether partial openness (i.e. formation of RTAs) or openness or political conditions are conducive to economic growth among the member countries of RTAs. The paper aims to discuss these issues. Design/methodology/approach – The authors used pooled datasets from three different RTAs, namely the EU-25, the AFTA, and the SAFTA. Taking five years average for all variables, starting from 1961 to 1965 and extending to 2001-2005, the authors tested the hypothesis that the growth rate of per capita GDP is negatively related to the initial level of per capita GDP. Constructing a dynamic behavioral equation and forming the reduced form equation, the authors calculated the s-convergence, and both conditional and unconditional convergence. Findings – The authors found that both the EU-25 and the AFTA exhibit s-convergence, and both conditional and unconditional convergence, while the reverse evidence was observed in the case of the SAFTA. However, the speed of convergence of the AFTA was found to be much higher than that of the EU-25. Originality/value – Formation of RTA by countries should be considered as an essential condition to achieve sustained economic growth. In addition, political rights, trade openness, and more importantly benevolence of the member countries within the RTA must be shown to sustain economic growth and convergence; otherwise with the passage of time, divergence among the RTA members will be evident.

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