Stages of Growth Revisited

Document Type

Article

Publication Title

Development Southern Africa

ISSN

0376-835X

Volume

10

Issue

1

DOI

10.1080/03768359308439670

First Page

101

Last Page

110

Publication Date

1-1-1993

Abstract

Neoclassical growth theory and the institutional approach to economic development grew apart during the 1970s and 1980s. More integration of these two schools of thought can lead to better analysis and policy. This paper identifies shortcomings of the neoclassical model, especially an overemphasis on savings and investment, and explores stages of growth theory in the context of institutional economics. Its strengths and weaknesses and its application to South Africa are considered.

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