This book develops a new theoretical framework to examine the issues of economic growth and development. Providing analysis of economic dynamics in a competitive economy under government intervention in infrastructure and income distribution, the book develops a unique analytical framework under the influence of traditional neoclassical growth theory. However, in a departure from neoclassical growth theory it examines both the Solow-Swan and the Ramsey growth models, introducing a utility function which treats consumer choices in ways critically different to previous approaches. Using practical examples and models the book demonstrates how this new direction can effectively analyze the key issues of economic growth, in a compact and comprehensive manner.
Contents: Economic growth and growth theory; The One-Sector Growth (OSG) Model; Traditional growth theories and the OSG model; Some extensions of the OSG model; Income distribution and growth; Structural changes and development; Growth, unemployment, and welfare; Learning by doing, education and learning by leisure; Research and learning by doing; New growth theories and monopolistic competition; Complexity of economic growth; Bibliography; Index.