Readings in the Modern Theory of Economic Growth.

1969 ◽  
Vol 24 (5) ◽  
pp. 984 ◽  
Author(s):  
Jerome L. Stein ◽  
Joseph E. Stiglitz ◽  
Hirofumi Uzawa
Keyword(s):  
Economic Growth ◽  
Modern Theory

Economic behavior of households and their welfare: models and forms of interaction

2020 ◽  
pp. 3-8
Author(s):  
Maryana Bil ◽  
Olha Mulska
Keyword(s):  
Economic Growth ◽  
Social Protection ◽  
Well Being ◽  
Central Place ◽  
Economic Behavior ◽  
Human Potential ◽  
Modern Theory ◽  
Economic Behaviour ◽  
Theoretical Approaches ◽  
The Impact

The article defines the content of welfare as a measure of socially oriented efficiency of economic growth, which reflects the appropriate level of providing the population with material and spiritual goods with the formation of favourable conditions for human development and capitalization of human potential in a competitive mobile space. The modern theory of welfare testifies to the deepening of scientific discussions on the transformation of economic welfare into mobile and inclusive, as well as the opposition of competitive and social protection welfare policy. Another milestone in the evolution of welfare theory is the individualization of its provision. Conditions of competition and mobility increase the importance of households in providing their well-being with further reflection on the processes of economic growth of the community, region, and state. This gives grounds to actualize the issues of household welfare research and strengthening economic growth based on behavioural economics. The needs, interests, motives, and incentives determine the economic behaviour of households. At higher levels, it defines an economic culture that is closely linked to the national mentality. In this regard, the main models of economic and social behaviour of households – socialization, adaptation, integration, values, regulation, and the definition of financial development strategies are outlined. Theoretical approaches to the explanation of economic behaviour are generalized, namely religious-ethical, psychological, substantive theories, theories of motivations and acquired needs, process theories, theories of justice, and others. Based on the ideas of foreign scientists, the main determinants of the economic policy of households are proposed. Political, stabilizing, and economic determinants are distinguished in the group of general determinants. In the group of determinants directly related to households, the financial, demographic, cultural, social, empirical, and psychological are suggested. The author’s emphasis is placed on the importance of the impact of financial determinants of the households’ economic behaviour, the central place among which is occupied by savings.

The Theory of Cycle under the Crisis Blow

2010 ◽  
pp. 31-55 ◽  
Author(s):  
L. Grigoriev ◽  
A. Ivashchenko
Keyword(s):  
Economic Growth ◽  
Global Economy ◽  
Turning Point ◽  
Stationary Regime ◽  
Modern Theory ◽  
Cyclical Fluctuations ◽  
Limited Applicability ◽  
Post War ◽  
Microeconomic Foundations ◽  
Selection Of

The modern theory of cyclical fluctuations and its relevancy to actual processes in the global economy are discussed in the article. It points to the limited applicability of the theory to practical needs of households, businesses and governments. Possible directions of the theory evolution are considered: more focus on financial shocks, strengthening microeconomic foundations, selection of more homogeneous periods with specific features and shocks for analysis. The breakdown of post-war period into three relatively homogeneous sub-periods named "stationary regimes" is proposed. These sub-periods are separated on the basis of quantitative and qualitative analysis of the group of economic indicators. The global crisis of 2008-2009 is defined as a turning point between the 3rd and the expected 4th "stationary regimes". Assumptions are suggested concerning possible features of economic growth in the next "stationary regime" as well as their reflection in the theory of cycle.

scholarly journals CONDIÇÕES SOCIAIS E COMPETITIVIDADE

2000 ◽  
Vol 24 ◽  
Author(s):  
Mariano De Matos Macedo
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Income Distribution ◽  
Growth Rates ◽  
Social Conditions ◽  
Gdp Per Capita ◽  
The Political ◽  
Modern Theory ◽  
Social Variables ◽  
Per Capita

O objetivo desse artigo é mostrar que as idéias e as propostas de políticas vinculadas ao conceito de competitividade sistêmica e à “moderna teoria do crescimento econômico” são muito semelhantes e convergentes. Tanto esse conceito quanto essa teoria afirmam que condições sociais precárias (grandes desigualdades na distribuição de renda, atraso educacional, etc.) constituem fatores que podem limitar o crescimento econômico, a expansão da produtividade (PIB per capita) e, portanto, as possibilidades de competitividade internacional de um País. A explicação do “resíduo de Solow” pela “moderna teoria do desenvolvimento” - endogeneizando na função de produção todos aqueles fatores acumuláveis e potencializadores de riqueza (estritamente econômicos ou não), antes considerados exógenos ou residuais por Solow – leva, como nas concepções relativas à competitividade sistêmica, a um amplo leque de variáveis econômicas e sociais como determinante de fundamental importância na explicação da taxa de crescimento per capita do PIB. Essas concepções teóricas também escapam da armadilha dos rendimentos decrescente, presentes nos “antigos modelos”, e explicam porque as taxas de crescimento de alguns países podem crescer, ao longo do tempo, mais do que a de outros países, ampliando - ao invés de fazer convergir, pela liberdade dos mercados e mobilidade dos fatores - as diferenças de níveis de desenvolvimento econômico e de competitividade entre as Nações. Abstract The objective of this article is to show that the ideas and the political proposals tied to the concept of sistemic competitiveness and the “modern theory of the economic growth” are very similar and convergent. Both the concept and the theory affirm that precarious social conditions (great inequalities in the income distribution, educational delay, etc.) constitute factors that can limit the economic growth, the expansion of productivity (the GDP per capita) and, therefore, the possibilities of international competitiveness of a Country. The explanation of the “Solow’s residue” for the “modern theory of the development” – internalized in the production function all those factors that improve the wealth (strictly economic or not), before considered external or vestigial for Solow - leads, as in the conceptions related to the sistemic competitiveness, to an ample fan of economic and social variables as determinants of basic importance in the explanation of the per capita tax growth of the GIP per capita. These theoretical conceptions also escape of the the incomes decreasing trap, found in the “old models”, and explain why the growth rates of some countries can grow, along the time, more than other countries, extending - instead of making to it converge, through the freedom of the markets and mobility of the factors - differences of levels of economic development and competitiveness between the Nations.

scholarly journals Transmission Channels between Financial Deepening and Economic Growth: Econometric Analysis Comprising Monetary Factors

Mathematics ◽  
2022 ◽  
Vol 10 (2) ◽  
pp. 242
Author(s):  
Marina Abramova ◽  
Dmitri Artemenko ◽  
Konstantin Krinichansky
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Capital Accumulation ◽  
Panel Data Analysis ◽  
Dynamic Panel Data ◽  
Modern Theory ◽  
Transmission Channel ◽  
Financial Deepening ◽  
Transmission Channels ◽  
The Impact

Contemporary literature continues to foster discussion whether financial development is important for economic growth. In the clash of theoretical arguments, the prevailing idea is that finance exerts a direct positive influence on GDP growth. However, the presence of theoretical counterarguments and contradictory results of empirical studies suggest that scientists, in search of an answer about the direction and power of the net effect, should develop methods of empirical analysis, and the very mystery of the relationship between finance and growth will finally be solved exclusively empirically. In this paper, the authors contribute to the development of the ‘finance-growth’ literature by answering some existing questions concerning the transmission channels from finance to growth, relying on more recent data compared to already conducted studies. We use panel data covering the period 1995 to 2019 for 168 countries. In addition, the paper touches on the problem of studying the exogenous conditions of such channels, considering the assumption that among these conditions there may be those that hinder the impact of financial deepening on economic growth. Our focus is on monetary conditions, and in the empirical part of the study, we touch upon the problem of the influence of price stability on the operation of these transmission channels. The methods of the conducted study are based on the dynamic panel data analysis techniques (System GMM). The novelty of this paper lies in the development of the modern theory of the financial sector transmission mechanism in the economic growth context. The main result of the study is that productivity channel is the most reliable transmission channel of financial deepening to economic growth. Furthermore, the effectiveness of this channel remains virtually unaffected by inflation. The channel of capital accumulation should be considered less reliable (in terms of statistical reliability of estimates obtained), but it has turned out to be a more economically significant transmission channel. This channel is sensitive to the inflation factor in certain categories of countries. Finally, as follows from the estimates gained, the non-linearity of the “finance-growth” relationship can be explained by the non-linearity of the variable responsible for the capital accumulation channel.

scholarly journals Technological models of development and their applicability to a Baltic states

2019 ◽  
Vol 53 (2) ◽  
pp. 22-33
Author(s):  
Vladimir Chaplygin
Keyword(s):  
Economic Growth ◽  
Business Models ◽  
Technological Development ◽  
Point Of View ◽  
Theory And Practice ◽  
Business Community ◽  
Modern Theory ◽  
Baltic States ◽  
Models Of Development ◽  
Practical Implications

Abstract Purpose – To study the possibilities of a theory to establish a modern theory of economic growth, including the factors of institutions and changes in technologies. These factors are a set of rules with high coercive force to the agents’ action, which form a particular mode/model of their adaptation, together with other institutions. Findings – The research results may enrich an economic theory and practice in the area of business models applicability in Lithuania, Latvia and Estonia. The findings may assist an economic community to influence the general technological development within the national institutional systems. 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 in a Baltic States from the point of view of changing institutions (firms, business community), labour markets and information.

Factors of Growth of the Russian Economy and of Technical Renovation

2004 ◽  
pp. 44-58
Author(s):  
A. Golub
Keyword(s):  
Economic Growth ◽  
New Technologies ◽  
Sustainable Growth ◽  
Modern Theory ◽  
Long Period ◽  
Reproductive Structures ◽  
Russian Economy ◽  
Production And Consumption ◽  
Resource Sector ◽  
Further Development

The author considers opportunities of maintaining sustainable growth of the Russian economy and preventing catastrophic pollution of environment by extensive development of the resource sector. In his opinion, the solution lies in switching production and consumption to new technologies, several times more effective than the old ones. In the analysis of the Russian economy the author uses the models of the modern theory of economic growth and gives further development to Solow's model. Applying of production function with increasing and decreasing returns from scale leads to the conclusion that stable economic growth in Russia can be achieved only in case when "old" and "new" technological (reproductive) structures coexist in the economy for a rather long period. The most dangerous consequence of excessive development of the resource sector is delay in rates of accumulation of capital in processing industries and outflow of labor to the resource sector.

scholarly journals ECONOMIC POLICY OF GROWTH: SELECTION OF INSTITUTES AND TECHNOLOGICAL MODELS OF DEVELOPMENT

2019 ◽  
Author(s):  
Oleg SUKHAREV ◽  
Vladimir CHAPLYGIN
Keyword(s):  
Economic Growth ◽  
Business Models ◽  
New Technologies ◽  
Technological Development ◽  
Theory And Practice ◽  
Business Community ◽  
Institutional Factors ◽  
Modern Theory ◽  
Scientific Problem ◽  
Systems Research

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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