The role of knowledge in economic growth : towards a general theory of growth

Gans, Joshua (1989). The role of knowledge in economic growth : towards a general theory of growth Honours Thesis, School of Economics, University of Queensland.

       
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Author Gans, Joshua
Thesis Title The role of knowledge in economic growth : towards a general theory of growth
School, Centre or Institute School of Economics
Institution University of Queensland
Publication date 1989
Thesis type Honours Thesis
Total pages 148
Language eng
Subjects 14 Economics
Formatted abstract       The scope of this thesis lies in an examination of the Post-World War II theories of economic growth to discuss what role (if any) these theories accord to knowledge. "Knowledge" is a wide term and encompasses numerous economic activities such as technological progress, education, and organisational structure. As such, the issues to be addressed will concern production and distribution more than exchange and value.

      Growth theories will be classified into two broad groups. First, there are those predominantly Neoclassical theories which rely on the concept of a production function with knowledge being to some extent exogenously created and distributed. Although such models do yield some insights into the growth processes, it will be argued that they are of limited practical value since they are inconsistent with microeconomic realities (e.g. costly information). This is in contrast to a second broad class of models. Knowledge-based growth theories consider growth from an information-theoretic standpoint and hence, prove more fruitful in yielding useful results than their Neoclassical counterparts.

      In the final part of the thesis it will be shown how it is possible to generalise these knowledge-based models into a single macroeconomic theory which encompasses most of the facets surrounding the link between knowledge and economic growth. It will be concluded that this broad information-based framework has potential for a greater theoretical understanding of economic growth in the future.

 
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Created: Wed, 24 Nov 2010, 11:10:38 EST by Muhammad Noman Ali on behalf of The University of Queensland Library