Munich Personal RePEc Archive

Paths of economic development: modelling factors of endogenous growth

Fusari, Angelo (1994): Paths of economic development: modelling factors of endogenous growth.

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Abstract

This article sets out a model giving an interpretation of the engine of economic development and growth, and business cycle. Based on a peculiar concept of dynamic competition, the model explains innovation and uncertainty and describes the way equilibrating and disequilibrating processes are intertwined and operate. It also carries out concise application to successive stages of economic development, along with some econometric application, that demonstrates the degree of generality and flexibility of the theory proposed and provides a comprehensive interpretative tool and pictures of different growth processes and the crucial factors on which they depend.

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