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From Stagnation to Growth: Unified Growth Theory

Minerva Center for Economic Growth Working Paper No. 2004-1

108 Pages Posted: 8 Jul 2004  

Oded Galor

Brown University - Department of Economics; Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: January 20, 2005

Abstract

This research examines the process of development from an epoch of Malthusian stagnation to a state of sustained economic growth. The analysis focuses on recently advanced unified growth theories that capture the intricate evolution of income per capita, technology, and population over the entire course of human history. The inconsistency of non-unified growth models with the main characteristics of the process of development across most of human history induced growth theorists to advance an alternative theory that captures in a single unified framework the epoch of Malthusian stagnation, the modern era of sustained economic growth, and the recent transition between these distinct regimes. Unified growth theory reveals the underlying micro foundations that are consistent with the growth process over the entire history of the human species, enhancing the confidence in the viability of the theory, its predictions and its policy implications for the growth process of less developed economies.

Keywords: Growth, Demographic Transition, Unified Growth Theory, Malthusian Epoch

JEL Classification: O11, O14, O33, O40, J11, J13

Suggested Citation

Galor, Oded, From Stagnation to Growth: Unified Growth Theory (January 20, 2005). Minerva Center for Economic Growth Working Paper No. 2004-1. Available at SSRN: https://ssrn.com/abstract=651526 or http://dx.doi.org/10.2139/ssrn.651526

Oded Galor (Contact Author)

Brown University - Department of Economics ( email )

Providence, RI 02912
United States

HOME PAGE: http://www.econ.brown.edu/fac/Oded_Galor/

Centre for Economic Policy Research (CEPR)

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

HOME PAGE: http://www.econ.brown.edu/fac/Oded_Galor/

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