Human Capital and Technological Progress as the Determinants of Economic Growth

Abstract

The problem of economic growth is one of the fundamental fields of research in the theory of economics. Its essence is searching for answers to multiple questions about the causes and mechanisms of economic processes which lead to large cross-country differences in wealth between different countries and regions.The classical convention in this type of research is to identify the determinants of growth and their impact on economic growth. This book concentrates on two basic factors of growth – human capital and technological progress, which supplement physical capital and labour. This choice is purposeful – human capital and technological progress are considered to be increasingly important from the point of view of economic growth and development. Focusing on these two factors of growth, with particular interest in technology diffusion, does not mean that one can not take into account such factors as: social, intellectual or cultural capital, institutions etc. On the contrary, it opens up new possibilities for research on economic growth and development.This book is an interdisciplinary thesis on mathematical theory of economic growth and it is well-founded in the contemporary international economic literature. Its distinctive features are: innovativeness, originality, complexity and diversity of research tools, good choice of sources and statistical data and the use of original algorithms and software for empirical research and analysis of the considered models.The Author has a profound knowledge on the contemporary economic growth theory and the rare abilities to creatively extend and apply the models and research methods originating from physics to economic phenomena. He formulates interesting and deep conclusions, but at the same time shows rational criticism towards his results.The book should find due place in the world economic literature as a source of inspiration and an important contribution to the discussion on the choice of models, methods and techniques of interdisciplinary research on economic growth and development.