By Tai-Yoo Kim, Almas Heshmati
This publication has been written for readers who wish to witness a significant economic
growth, person who will result in an enhancement of the nationwide economic system and
welfare. very important goal readers that we have got saved in brain contain university and
graduate scholars, financial policymakers, politicians, the specialists and leaders of
economic coverage. somebody with a uncomplicated wisdom of financial idea who wishes
to study extra approximately fiscal development, despite the fact that, will benefit from perusing the
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Extra resources for Economic Growth: The New Perspectives for Theory and Policy
Sample text
Second, because of the differences of economic condition and technology level between early industrialized countries and late-starting industrialized countries, the economic development level between these countries has to show divergence. Thus, if we consider the relationship between developed countries and late-starting developed countries, late-starting developed countries have the disadvantage of having to catch up with developed countries because developed countries have a relative advantage in the free market and free trade policy than late-starting developed countries.
Third, in the pre–Industrial Revolution period of Western Europe, the general ratio of the quantity of sown seeds to harvest of some major crops, such as rye or wheat, was 1:3 or 1:4. Because of the low sown-seed/harvest ratio, a relatively large portion of the land was allocated for producing seeds for the next year. When the sown-seed/harvest quantity ratio is high, the increased harvest quantity is cumulative (see van Bath 1967). However, the cumulative effect decreases gradually with the decrease of the ratio.
Through the methods described above, we explain characteristics of a decelerating society. The main cause of deceleration is the speed and the amount of technology development over time. -Y. Kim et al. the decelerating pattern of economic growth through trade and capital reinvestment. Some commercial societies, which successfully established the Industrial Revolution and regarded technology development as their basis of economic growth, could achieve continual development and thus overcome decelerating economic growth patterns.