literature review on economic growth pdf

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Economic Growth Theories: A Literature Review

La croissance économique a été toujours au centre d'intérêt des chercheurs depuis plusieurs siècles. Ainsi, l'étude des facteurs qui la génère et qui l'impact ne cessent de se développer jusqu'à nos jours. Les théories de la croissance économique se sont développées au fil du temps par plusieurs auteurs qui ont marqué l'histoire. Parmi lesquels on cite : Smith, Ricardo, Malthus, Marx, Schumpeter, Keynes, Harrod, Domar, Solow, Romer, Lucas et Barro. Le présent article essaie de présenter une revue de littérature synthétique qui présente les théories de croissance économique. Ces dernières, se classent généralement sous deux groupes, à savoir : Les théories traditionnelles (les théories classiques, la théorie de Schumpeter, la théorie de Keynes, les théories post-Keynésiennes et les théories néoclassiques) et les théories endogènes de la croissance. Ces nouvelles théories de la croissance, sont caractérisées par une grande diversité des sources de croissance, dont ...

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The topic of economic growth is the subject of this excellent book published by Richard Arena and Pier Luigi Porta, professors at the Universities of Nice-Sophia Antipolis (France) and Milano-Bicocca (Italy) respectively. It is not treated however in a simple way, as the editors have compiled writings of important representatives of Keynesian Schools (and Post Keynesian) of Cambridge as; William Baumol, Geoffrey Harcourt and Luigi Pasinetti as well as authors framed in the neoclassical tradition of growth theory such as the Nobel Prize Robert Solow, thus describing the field of an ever-growing economic theory. The comparative analysis of the theories based on the Solow's neoclassical growth model along with those based on the structural dynamics of Luigi Pasinetti, make a strong analytical frame that combines the best analytical tools of economics, with economic history, and the history of economic thought. The contrast between the two analytical frameworks, starting from their own methodological intentions, reaches the points of convergence between the two settings and what would be the modern theory of economic growth. The latter is understood in three main stages of theoretical development. The first is linked to the search of optimal growth models of neoclassical or "Solovian" tradition; the second phase is characterized by the breakdown of the assumption of diminishing returns to capital and the staging of endogenous growth models, to conclude with the stage marked by the inclusion of structural dynamics in the growth models. This last stage is mainly characterized by a breakdown with those " balanced " growth models from the "Solovian" framework, and the occurrence of the demand relevance, sectorial imbalances, innovation, human learning and the resulting imbalance between economic sectors as engines and drivers of growth. In this stage is where the work and influence of Luigi Pasinetti is suited, commonly known as the contribution of last century 50s and 60s Keynesian Cambridge School to the debate on economic growth. Without putting into perspective the three stages of theoretical development of modern economic growth outlined above, it is very difficult to understand the new models that have emerged with the introduction of technology and structural change

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The chapter in Book carry out a vertical or in-depth analysis of the three main schools of thought; classical, neo-classical and endogenous (new growth theory). The horizontal analysis of a wide range of issues connected with growth theory are also reviewed, including competition, technical change, growth inclusiveness and vintage capital. The stages (evolutionary / revolutionary) and sectoral impact approaches to economic growth are also presented. After working through this chapter, you will understand the: • Definitions of economic growth and economic development • Distinguishing features between economic growth and development • Harrod-Domar growth model • The Neoclassical growth theory o Solow and Solow-Swan Neoclassical model • The New Growth Theories o Lucas Endogenous Growth Theory o Romer’s Model of Technological Change • Historical Stages of Growth Theories o Rostow’ Stages growth theory o Karl Marx’s Historical Materialism • Sectoral Drivers Growth Theories o Kaldor-Verdoorn's Law o Thirlwall's Export Constrained Growth Law • Vintage Theory • Inclusive Growth Model • Dependency Model Chapter in Anthology of Theories and Their Applications in Social & Management Sciences, ed. Nwachukwu, Ogundiwin and Nwaobia, Lagos: Jamiro Press Link, 63-92.

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International Conference on Emerging Technologies and Intelligent Systems

ICETIS 2022: Proceedings of the 2nd International Conference on Emerging Technologies and Intelligent Systems pp 251–263 Cite as

The Influence of FinTech on Financial Sector and Economic Growth: An Analysis of Recent Literature

• Mosharrof Hosen   ORCID: orcid.org/0000-0002-9301-4318 13 ,
• Tat-Huei Cham   ORCID: orcid.org/0000-0001-7636-5928 14 ,
• Hooi-Cheng Eaw   ORCID: orcid.org/0000-0003-0601-0325 13 ,
• Vasanthan Subramaniam   ORCID: orcid.org/0000-0003-2230-9060 13 &
• Hassanudin Mohd Thas Thaker   ORCID: orcid.org/0000-0002-6182-9045 13  
• Conference paper
• First Online: 09 February 2023

747 Accesses

3 Citations

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 584))

Even though financial technology (FinTech) has become one of the essential financial sector development strategies of many countries around the world in recent years, previous studies have analyzed the influence of financial growth from different aspects, but there are few works of literature devoted to the impact of FinTech on the financial sector and economic progress together. Fintech’s innovative banking and financial products are in high demand due to its uniqueness, cost efficiency, and user-friendly nature. This has caused disruption in traditional banking and finance sector of the economy. The question of whether the financial sector and the economy would not suffer from the incursions of FinTech, is not unreasonable. Using a review methodology, this paper finds that, Fintech has potential to influence the realization of increase in financial development and economic growth, only when appropriate regulation is put in place. Important policy implications and future directions are discussed accordingly.

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Mosharrof Hosen, Hooi-Cheng Eaw, Vasanthan Subramaniam & Hassanudin Mohd Thas Thaker

UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia

Tat-Huei Cham

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Hosen, M., Cham, TH., Eaw, HC., Subramaniam, V., Thaker, H.M.T. (2023). The Influence of FinTech on Financial Sector and Economic Growth: An Analysis of Recent Literature. In: Al-Sharafi, M.A., Al-Emran, M., Al-Kabi, M.N., Shaalan, K. (eds) Proceedings of the 2nd International Conference on Emerging Technologies and Intelligent Systems. ICETIS 2022. Lecture Notes in Networks and Systems, vol 584. Springer, Cham. https://doi.org/10.1007/978-3-031-25274-7_21

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