ABSTRACT

The sources and dynamics of economic growth have occupied a central place in economics since its beginning. The main concern of the classical political economists was explaining the growth and distribution of income. While the rise of the marginalist school pushed this question aside for some time, the 1940s saw growth economics brought back to center stage. Starting with Harrod’s (1939) growth model, there emerged a voluminous literature that analyzes the determinants of economic growth and its pace.