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2004•Unpublished venueRequires access

Development and innovation of the economic growth theory

LU Jing-chao

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Abstract

A study of the development of economic growth theory can provide useful information for finding proper methods for the economic development in China. This paper makes a study of the background and main views of the neoclassical growth theory and the new growth theory and points out that the latter is the improved version of the former one, even though it still has some drawbacks. The significance of the new growth theory is that it emphasizes the accumulation of knowledge and human capital、RD and the direction of policies.

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What this paper is about

A study of the development of economic growth theory can provide useful information for finding proper methods for the economic development in China. This paper makes a study of the background and main views of the neoclassical growth theory and the new growth theory and points out that the latter is the improved version of the former one, even though it still has some drawbacks. The significance of the new growth theory is that it emphasizes the accumulation of knowledge and human capital、RD and the direction of policies.

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Available abstract

A study of the development of economic growth theory can provide useful information for finding proper methods for the economic development in China. This paper makes a study of the background and main views of the neoclassical growth theory and the new growth theory and points out that the latter is the improved version of the former one, even though it still has some drawbacks. The significance of the new growth theory is that it emphasizes the accumulation of knowledge and human capital、RD and the direction of policies.

Key concepts: Growth theory, Economics, Human capital, Neoclassical economics, Innovation economics, Development (topology), Development theory, Human capital theory

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