The Solow Growth Model
and economic policies. Implementation of the coherence principle in adjusting economic policies in the member states of economic block causes economic integration effects.
Obstacles standing as barriers for the development of economic integration include the desire for preservation of the control of tax revenues and licensing by local powers, sometimes requiring decades to pass under the control of supranational bodies. The experience of 1990-2009 has shown radical change in this pattern, as the world has observed the economic success of the European Union. So now no state disputes the benefits of economic integration: the only question is when and how it happens, what exact benefits it may bring to a state, and what kind of negative effects
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The Solow growth model is an improvement over Harrod-Domar model. It relaxed some of the unrealistic assumptions of Harrod-Domar growth model where the H-D model was based on only one factor of production (i.e. capital). The Solow model recognized a second factor that is labour and even introduced a third independent variable to the growth model (i.e. technology). Hence, the factors that account for growth in the Solow model to ensure globalised economy are; increased in capital stock through savings and investment; increased in the labour quality and quantity through education and population growth. Improvement in technology which determines long term growth and its level is an independent …show more content…
Yet what is distinctive to world-systems theory is not that it has been around longer than more recent globalisation theories. Rather, this paradigm – and certainly its principal progenitor, Immanuel Wallerstein – tends to view globalisation not as a recent phenomenon but as virtually synonymous with the birth and spread of world capitalism, c. 1500. World-systems theory shares with several other approaches to globalisation a critique of capitalism as an expansionary system that has come to encompass the entire world over the past 500 years. As elaborated by Wallerstein, it is constituted on the proposition that the appropriate unit of analysis for macro-social inquiry in the modern world is neither class, nor state/society, or country, but the larger historical system, in which these categories are located. The capitalist world-economy that emerged c. 1500[Check out] in Europe and expanded outward over the next several centuries, absorbing in the process all existing mini-systems and world-empires, establishing market and production networks that eventually brought all peoples around the world into its logic and
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