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 aim readers that we've got saved in brain comprise university and
graduate scholars, monetary policymakers, politicians, the specialists and leaders of
economic coverage. somebody with a uncomplicated wisdom of monetary conception who wishes
to research extra approximately fiscal progress, although, will benefit from perusing the

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Extra resources for Economic Growth: The New Perspectives for Theory and Policy

Sample text

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. By summarizing these historical cases, we confirm that the driving force of never-ending economic growth is technology development. This study is organized as follows.

Factor endowment and specialization in production result in societies with different degrees of the two components. For example, a society’s agricultural employment as a share of total employment is an indicator of the importance of agriculture to that society. Another indicator is the agricultural share of total value of production. Compared with an industrial society, an agricultural society is relatively easy to define despite its complexity and multidimensionality. Agriculture involves cultivating crops and managing livestock.

Y. Kim and A. Heshmati process of Shih Huangti in the warring states period of China followed the above virtuous cycle. It is the true nature of the great conqueror which clearly shows the justification in the agricultural empire for the national development process. The essence of economic growth in industrial societies is expansive reproduction that enables the growth of economy with increasing speed. More and more raw materials and energy resources are needed for the virtuous cycle of the expansive reproduction system.

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