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The Evolution of Growth and Development Theory: From 1940 to 2019

Explore the significant milestones in growth and development theory from the 1940s to the present, spanning key models, thinkers, and paradigms shaping economic progress. Delve into the evolution of investment, structural change, endogenous growth, and the influence of ideas on economic development.

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The Evolution of Growth and Development Theory: From 1940 to 2019

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  1. The Evolution of Growth and Development Theory 1940-2019

  2. 1940’s • Domar – Harrod-Domar growth model • GDP growth is proportional to share of investment • dy/y = s/v • Y = min (K,L) • Rosenstein-Rodan – big push (1943)

  3. 1950’s • Hirshman – coordination failure • Kaldor – different savings rates • Lewis – two-sector • 4 Big assumptions • Solow – growth model • Introduces factor substitution • Sy=nk and Y = A(k)

  4. 1960’s • Rostow – stages of growth • T.W. Schultz – Quality of People

  5. 1970’s • Chenery and Kuznets – “structural change” • Patterns of development • Irma Adelman – basic needs • Food, shelter, health, education • Dependence (False-paradigm) • Political economy, legacy of colonialism

  6. 1980’s • Neoclassical revolution • Anne O.Krueger • ”free markets” • Lucas and Romer – endogenous growth • Level of technology is now in the model • Increasing returns • Importance of Ideas

  7. 1990’s • Sen - freedom • Kremer – O-ring • Behavioral Economics

  8. 2000’s • Sachs – Big Push revisited and Clinical • Rodrik – growth analytics, institutions • Duflo – RCTs, Poor Economics • Ostrom – Beyond Markets and States • 2009 Nobel • Acemoglu – History and Institutions

  9. 2010s • Sachs – SDGs • NeuroEconomics

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