Theory of economic growth: evolution and basic methodological provisions
Abstract
Growth is one of the most enduring questions in economics. Economic growth is process by which the real per capita income of a country increases over a period of time. The problems of economic growth at the present stage remain one of the most important for any country. This is due to need to achieve acceptable rates of economic growth and its high-quality content. Economic growth leads to an increase in the welfare of the country as a whole, expansion of its potential in the fight against poverty, unemployment and solve other social problems. Within the framework of economic growth theories, economists have explained economic factors and their impact on economic growth. Growth of population, particularly working population, technical knowledge and progress and growth of foreign trade are the factors leading to increased economic growth.
The article discusses main existing theories of economic growth, their methodological assumptions and features. Three main directions of modern theory of economic growth are considered: neo-Keynesian, neoclassical, and endogenous. The role of investment in physical and human capital, openness and strong economic institutions is noted in transformation of relatively poor economies into economic powerhouses.
About the Author
Alsaied Ghena
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
Applicant for PhD degree in Economics
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For citations:
Ghena A. Theory of economic growth: evolution and basic methodological provisions. Kazan economic vestnik. 2021;(3):16-23. (In Russ.)
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