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Economic Growth in IndiaHistory and Prospect$
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Pulapre Balakrishnan

Print publication date: 2010

Print ISBN-13: 9780198065470

Published to Oxford Scholarship Online: October 2012

DOI: 10.1093/acprof:oso/9780198065470.001.0001

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Understanding Economic Growth

Understanding Economic Growth

Chapter:
(p.1) 1 Understanding Economic Growth
Source:
Economic Growth in India
Author(s):

Pulapre Balakrishnan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198065470.003.0001

This chapter provides a critical exposition of some prominent theoretical representations of growth and a historical perspective on its drivers. Among the former, two are taken up: the neo-classical approach based on the idea of a production function and the methodology of ‘growth accounting’ which derives from it, and the one based on the idea of growth as endogenous cumulative change. It is argued that growth accounting is not only a non-starter as an explanation — for an explanation is more than accounting — but also potentially misleading as it is based on some questionable assumptions. The vision of growth through ‘circular and cumulative causation’ in a market economy is taken up next. In this representation, growth in the system is seen as being, at the same time, an impulse to further growth and a response to the impulse. The second part of the chapter attempts to isolate the main drivers of growth in a cross-country historical comparison.

Keywords:   India, economic growth, growth accounting, cumulative change

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