Theories of Economic Growth:
Adam Smith's model of economic growth is more or less available in the different
parts of Smith's well reputed book "Wealth of Nations" written
in 1776. This model primarily deals with capitalistic economies
and their process of economic growth.
The Ricardo's model of economic growth encompasses the production
function, natural and human resources, capital accumulation and pattern of
development. Now we present them.
Adam Smith and Ricardo both were the classical economists. They had much more
similarities in their models of growth.
The traces of
Karl Marxian model of economic growth are
available in his famous book "Das-Capital". He
rejects the salient features of
classical model of economic growth. Afterwards, he presents
his own theory which has a social and historical framework where the economic
forces play an important role.
The model of economic growth which has been constructed by
J.E. Meade describes those conditions which will be helpful for a
sustainable economic growth in the presence of constant technical progress and a
constant increase in population of a country.
The Schumpeter model of economic growth moves
round the inventions and innovations. This model is explained with the
A.H. Hansen is also known as American Keynes. He has
analyzed trade cycles, as well as he has suggested the measures regarding
sustained economic growth.
Kaldor presented his first model of economic growth in 1957 and second model
in 1962. But here we will present that model which he presented in 1962 along
with collaboration of Mirrlees.
Mrs. Robinson includes the issue of population growth in her
model. She shows the effects of Population on the rate of Capital Accumulation
and rate of Growth of Output.
We know that Hicks, J.E. Meade, Mrs. Joan Robinson, Salow and Prof. Swan are
Neo-Classical economists. They have presented their growth models individually
as Meade model (1961), Solow model (1956, 1960), Swan model (1956), and Mrs.
Joan Robinson model (1956, 1999).