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Economic Growth and Development

Theories, Criticisms and an Alternative Growth Model

Hasan Gürak

Mainstream economic theories today are logical, consistent and even explanatory in many ways, when their relevance is tested in real economic situations, they often fail to correctly explain normal economic transactions. Thus they are only successful in explaining a fictional world and fictional economic relations that are largely based on unrealistic assumptions. Economic Growth is a study of new and alternative theories and models to replace the parables of these mainstream ideologies and hopes to appeal to open minded economists as a constructive contribution for the further development of new economic ideas.
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Chapter 6: Short-run Growth in the Real Economy

Extract

In the simple growth models presented in Chapter-5, we studied growth and distribution relationships under barter-exchange conditions. Barter-exchange relations do not reflect the actual relationships adequately but help us to comprehend the basic relationships in a simple way. The analysis is believed to serve its purpose.

In this Chapter, an attempt will be made to reflect the growth process with the assistance of extended-models in a more realistic way in comparison to the mainstream models. Some generalized and abstract statements, as well as some fictitious assumptions and economic relationships will certainly crop up; but the intention is to make as realistic an analysis as possible in order to reflect real economic relationships.

The growth process was studied under two sub-categories, as described in Chapter-2.

Short term Growth: (with a “given” technology).

1-a) EE and/or TE improvement.

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