Title:	Understanding Economic Growth
Authors:	Sengupta, Jati
Keywords:	Economic Growth
Issue Date:	2011
Publisher:	Springer
Description:	Modern economies today have undergone a dramatic change. There has been a shift from large-scale material manufacturing to the design and application of new technology with R&D and human capital. The new information age has introduced significant productivity gains through increasing returns and learning by doing. This has challenged the traditional growth models based on competitive market structures. Institutions outside the traditional markets and the genetic principle of survival of the fittest have dominated the current theory of industry growth. This volume coordinates and integrates the two strands of economic growth and development: the endogenous theory of growth and the extra-market models of evolutionary economics dominated by innovation efficiency. A systematic treatment of the new paradigms of growth and development is attempted in this volume. The discussion is nonmathematical and nontechnical but analytic and synthetic. New paradigms of growth theory today have emphasized three basic features of endogenous growth: technology and innovations, institutions and extra-market dynamics, and core competence of evolutionary dynamics. This volume presents this new paradigm in terms of both theory and historical experiences
URI:	http://10.6.20.12:80/handle/123456789/45144
ISBN:	978-1-4419-8025-0
Appears in Collections:	Environmental and Development Studies

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