classical growth models

Harris, Donald J.

doi:10.1057/9780230226203.2199

Cited by 2 publications

(2 citation statements)

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“…In the view of classical economists, many factors influence economic growth such as population, the total stock of capital goods, land area and natural wealth, and the level of technology. Classical economics has limitations related to economic conditions in the agrarian sector which are strongly influenced by productive land conditions and combining productive land, technological advancements, international trade and the pace of investment will remain interconnected with one another to influence economic growth in a country in the era of globalization (Harris, 2007). In classical economic theory economic growth is more influenced by how a country can increase the scale of productivity by utilizing available production factors (Kates, 2018).…”

Section: Literature Review Classical Economic Theorymentioning

confidence: 99%

Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches

Fuddin¹

2020

Preprint

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Countries in East Asia and the Pacific region are potential countries with fairly strong economic growth rates amid slowing global economic growth. One contributing factor to economic growth in East Asia and the Pacific can be seen using a classical approach where economic growth is seen from capital, natural resources, incoming foreign investment and the use of technology. This research wants to see how big these factors are in influencing the economic activities of developing countries in East Asia and the Pacific. The methodology used in this study is to use a Vector Error Correction Model by focusing on the impulse response function and variance decomposition to see the response of several variables due to changes in other variables and to see how much the proportion of one variable affects other variables in the short term or long term. In the short term, incoming foreign investment and technology affect productive land while in the long run productive land is influenced by incoming foreign investment and human resources. In the short term, GDP is not affected by any variable, whereas in the long term GDP is affected by human resources, incoming foreign investment, and technology. In the long run, human resources are affected by incoming foreign investment. Foreign investment that enters in the short term is influenced by productive land and human resources, whereas in the long run, only human resources can directly influence foreign investment. Technology in the short term is influenced by productive land and incoming foreign investment while in the long run technology is influenced by incoming foreign investment and human resources. The economic growth reflected in GDP and productive land contained in East Asia and the Pacific was largely influenced by technology in the final period. Incoming foreign investment and technology are largely influenced by productive land. Whereas the human resources found in East Asia and the Pacific are mostly influenced by GDP.

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Section: Literature Review Classical Economic Theorymentioning

confidence: 99%

Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches

Fuddin¹

2020

Preprint

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“…For an introduction to the classical approach to distribution and growth, see Pasinetti (1974, ch. 1), Harris (1987) and Kurz and Salvadori (2003), and for an overview of Marxian theories, see Shaikh (1978). 6.…”

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2017

ROKE

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Starting from a review of the main strands of orthodox and heterodox distribution and growth models and their distinguishing features, with the post-Kaleckian Bhaduri and Marglin (1990) (and Kurz 1990) model as a specific but highly flexible variant of heterodox distribution and growth theories, we develop a simple modelling framework in which we can treat these different theories as different variants of model closure. In a simple closed private one-good economy model, each theory is presented drawing on the relationship between the rate of profit and the rate of growth, as well as on the consideration of one major adjusting variable allowing for the convergence of the endogenous variables of the model to their equilibrium values. This allows for a systematic comparison of exogenous and endogenous variables, of the 'logic' or the chain of causalities in each of the approaches, and of the generation of the long-run equilibrium positions of the system. It is finally shown that the post-Kaleckian model is able to cover many but not all of the results generated by the old neoclassical growth model, new neoclassical growth theories, classical-Marxian distribution and growth approaches, and post-Keynesian Kaldor-Robinson and Kalecki-Steindl distribution and growth theories.

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classical growth models

Abstract: Analysis of the process of economic growth was a central feature of the work of the English classical economists, as represented chiefly by Adam Smith, Thomas Malthus and David Ricardo.

Cited by 2 publications

References 12 publications

Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches

Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches

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classical growth models

Abstract: Analysis of the process of economic growth was a central feature of the work of the English classical economists, as represented chiefly by Adam Smith, Thomas Malthus and David Ricardo.

Cited by 2 publications

References 12 publications

Determination Of State Economic Activities - Developing Countries In East Asia &amp; Pacific Using Classical Approaches

Determination Of State Economic Activities - Developing Countries In East Asia &amp; Pacific Using Classical Approaches

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Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches

Determination Of State Economic Activities - Developing Countries In East Asia & Pacific Using Classical Approaches