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Studies on Balkan and Near Eastern Social Sciences – Volume 3

Edited By Rasim Yilmaz and Günther Löschnigg

The third volume of «Studies on Balkan and Near Eastern Social Sciences» is a collection of empirical and theoretical research papers in the social sciences regarding the Balkans and the Near East written by researchers from several different universities and institutions. The book addresses economic, financial, political, sociological, international relations, health, cultural, and feminist issues in the region of the Balkan and Near East. The book is aimed at educators, researchers, and students interested in the Balkan and Near Eastern countries.

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The Effect of Human Development Index on Economic Growth: A Comparative Analysis

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Introduction

In its simplest definition, economic growth is the expansion of a country’s economy from one period to another. In order to make comments about the economic growth process of the country in question, the production possibilities frontier of the country should be observed (Parasız, 2010).

Economic growth can be defined as the increase in the real gross domestic product per capita, the increase in the amount of production realized in the economy or more efficient use of the economic resources used in the production of goods and services (Kibritçioğlu and Dibooğlu, 2001). In the economics literature, the growth in the economy is defined by the increase in the supply capacity in the long-term rather than by the increase in the short-term revenue resulting from business cycle or the increase in demand.

As economic growth focuses on long-term performance, it becomes a more prominent concept by growth theories. The classical model, which explains the growth based on basic production factors such as labor, capital, and land, emphasized the effect of investments financed by high saving ratio on economic growth. But over time, these factors are found to be insufficient to explain economic growth in the theory.

The growth model of the post-Keynes period is the Harrod-Domar model. The Neo-Classic Growth Theory after the 1950s was led by the economists Solow (1956) and Swan (1956). They assume the increase in population and labor force as external factors...

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