Description
Explain these main theories of economic growth
* Classical Economic Growth: Malthusian Theory picked up by Coals and Hoover (1958)
* Neo-Classical Theory: Solow (1956)
* Human Capital Theory: Gary Becker
* Neo-Malthusian Theory: Ehrlich (1968) and Hardin (1968)
please provide a complete plagiarism free answer .
6 to 7 lines for each theory
Explanation & Answer
Attached.
Theories of Economic Growth
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Classical Economic Growth: Malthusian Theory
Malthusian theory of economic growth, explains the issues relating to a problem posed by
population among the developing countries and economic growth, this theory economic and social
trends. It expresses the gloomiest economic model ever constructed; this is based on the events
that coursed the publication of the limits to growth, concerning food, oil, pollution and price shocks
(Narayana, 1985). This theory explains 12 years of financial experience and the knowledge of
resources trends postulate that even if the economic pressures expressed by the model. Its'
weakness is that it underestimate technology trend and impact to the industry and agriculture, it
explains the impact of population growth in economic growth.
Neo-Classical Theory: Solow (1956)
Based on H-D model economy is always a source of instability, but according to Neo-classical it
explains that if the capital-output ratio is made flexible, and the uncertainty will come to an end.
Using the intensive capital intensive technology to adapt the stock of money. It explains that labour
and capital are substitute ...
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