A Theoretical and Empirical Literature on Economic Growth

Abstract

This paper presents a comprehensive review of the theoretical and empirical literature on economic growth.It examines the progression of economic growth theories from classical models to modern endogenous growth theories which talk about the role of technology and human capital on economic growth.The study highlights the transition from exogenous to endogenous factors as primary drivers of growth, analyzing models like the Solow-Swan model, and Romer's endogenous growth model.Several growth models and methodologies aimed at economic growth as well as case study analysis were adopted to illustrate how these theories adapt in explaining real-world economic growth patterns.The review also addresses contemporary debates and challenges in growth theory among different scholars through literature and empirical review, including the impacts of technology on economic growth and the impact of human capital on growth.By synthesizing theoretical advancements and empirical findings, this paper aims to provide a nuanced understanding of economic growth and identify avenues for further studies.