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Factor Of Economic Growth Essay

1836 Words8 Pages

Factor of Economic Growth Not many theories that discussed the role of various factors in determining the economic growth. Two main strands can distinguished that neoclassical, by the Solow growth model, emphasized the importance of and investment, and more recent theories of endogenous growth developed by Romer and Lucas has drawn attention to human capital and innovation capabilities. Furthermore, a significant contribution to economic growth has been provided by the theory of cumulative causation This Myrdal. In addition, there are other explanations that have emphasized the important role of non-economic factors play in economic performance. These developments have brings to discussion that distinguishes between 'proximate ' and 'principle (or ' ultimate ') have a source of growth. Classical refers to issues such as capital accumulation, labor and technology while more to the views of the institutions, the legal system and political, socio-cultural demographic and geographical factors. Answer theory still inconclusive and there is a need for and answers to empirical sense. Factors that influence economic growth are the same as the factors of production. Land, the first factor, is …show more content…

Many developing countries have witnessed rapidly growing high inflation rate in recent years, a good example is India
• Working hours - occasionally there are concerns that a rapidly expanding economy increased demand at a time that people work and can interfere with the work-life balance
• Structural Change - While the growing economy will create more jobs, it also leads to structural changes in employment patterns. Some industries will decline while others will thrive. Structural unemployment could rise even if it seems that developing countries - labor need to work

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