Conceptual Framework of Sustainable Economic Growth: A Theoretical Review

Abstract

The theories discussed here are Classical theory of growth, Structural-change theory, Neoclassical Growth Models, Endogenous growth theory, Schumpeterian theory of innovation, as well as some Alternative theoretical contributions. The discussion of these theories from the simple accelerator to neo-Keynesian gives a better insight into the evolutionary process of the growth literature and understanding of problems that have emerged from time to time than any single theory. For example, classical theory views the growth process as self-enforcing, enhanced through specialization and efficient markets.