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The Evolution of Growth and Development Theory

The Evolution of Growth and Development Theory. 1940-2019. 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). 1950’s. Hirshman – coordination failure Kaldor – different savings rates

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The Evolution of Growth and Development Theory

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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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