“…Analysis of the factors that influence economic growth can be approached through two sides, namely from the supply side (supply-side economics) and the demand side (demand-side economics) (Chen & Li, 2019;Guru & Yadav, 2019). Adherents of supply-side economics (Classical, Neo Classical and New Classical mashab) state that economic growth as measured by increasing national income or national income per capita (Malik & Velan, 2019;Noor & Dutta, 2017;Ren & Jie, 2019), is largely determined by the quantity and quality of the factors of production, namely natural resources , human resources, capital and technology (Sephton, 2012). Demand-side economics (Keynesian, Neo Keynesian, New Keynesian) states that the factors that accelerate economic growth are factors on the aggregate demand side, namely consumption, investment, government spending, exports, and the demand and supply of money (Altman & Tushman, 2017;Bruhn et al, 2019;Guru & Yadav, 2019).…”