An Analysis of this issue of the Development and Efficiency in the Economy
Few issues are as important to a region as the long-term development and productivity
trends facing their market. The relative slow-down in the expansion rates of
the United States market since 1973 has concerned economists and politicians
alike. Many possible causes have already been help with, though none is fully
Before talking about the theoretical types of growth it
would be useful to study the info on growth that's currently available.
As Nicholas Kaldor, in his influential document on growth ("Capital Accumulation
and Economic Growth"; 1961) explained , a theorist ought to start out with the summary
of the reality that are immediately obtainable, concentrating mostly on broad
tendencies or "stylized facts." Theories may then be constructed to explain
the facts. Listed here are the stylized facts as stated by Kaldor:
1. Output per worker shows continuous progress.
2. Capital per worker shows continuous progress.