A Brief Analysis on the Evolvement of Modern Economic Growth Theory

Economic growth is not only the eternal theme of economics,but also the issue generally concerned about by all over the world.Economists have been studying the economic growth since Adam Smith.It is extremely important to research on economic growth because that economic growth and welfare around the world are closely related.However,with the development of economic globalization,the traditional theory of economic growth can not explain the modern economic development.The contradiction between theory and reality make us to research on the modern economic growth theory in order to explain the world better.Therefore,to explore the evolution of modern economic growth theory has a positive theoretical and practical meaning.This article Starts from the fact that economic growth,sorts out and elaborates the development of modern economic growth theory then,analyzes Harrod-Domar model,neoclassical growth model(exogenous growth theory) and the new growth model(endogenous growth theory) in detail respectively.Through the analysis we can conclude that the modern economic growth theory had evolved from technology exogenous growth to endogenous growth,and the market structure had changed from perfect competition into monopolistic competition.