Growth Theories: Old and New and the Role of Agriculture in Economic Development (FAO Economic and Social Development Papers)

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9789251037836: Growth Theories: Old and New and the Role of Agriculture in Economic Development (FAO Economic and Social Development Papers)

The main objective of the paper is to understand the role of agriculture in economic development using the insights derived from diverse theories of economic growth with special emphasis on the "endogenous growth theories". Such theories emphasize the importance of human capital and learning-by-doing for long-run growth. Theories of economic growth are presented and critically discussed in the paper along with their implications for agriculture and the role of agriculture in economic development. The main conclusion of the report is that agricultural economics had gone a long way ahead in incorporating such factors, and gains little, so far, from those new theories. In addition, the value of those theories for providing insights for the role of ariculture in economic development is limited by their "one sector" character and their almost excelusive concern with steady-state growth. Empirical evidence on the role of endogenous growth in aricultural development across the world is provided as an application.

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Food and Agriculture Organization of the United Nations

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Food and Agriculture Organization of the United Nations
Published by Food & Agriculture Organization of the United Nations (FAO) 1996-04 (1996)
ISBN 10: 9251037833 ISBN 13: 9789251037836
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Food and Agriculture Organization of the United Nations
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