Abstract

LORENTE, Luis. On the dynamics of economic growth. Rev.econ.inst. [online]. 2021, vol.23, n.44, pp.295-310.  Epub May 03, 2021. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v23n44.13.

The growth theories most widely used today ought to be replaced with a dynamic analysis of the economy, free of equilibrium and optimal trajectories. This article synthesizes the main characteristics of a possible alternative theory, in which innovations are the primary cause of the growth observed during the last two centuries. It also outlines a new method of dynamic analysis and presents some of its main results. It ends with some recommendations for economic policy.

Keywords : economic growth; equilibrium; disequilibrium; innovation; technology; dynamic analysis; circuit; productivity; inflation; income distribution; financial sector; fiscal policies; State intervention; JEL: O40, O33, E27, G01, B41.

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