A Comparative Analysis of Theories of Economic Growth and Economic Development
economic growth; economic development
This paper conducts a comparative analysis of Economic Growth Theory and Economic Development Theory, assessing the contribution of each approach to explaining long-run growth in labor productivity. Although both seek to address the same fundamental questions regarding international income differences, their historical development has been largely disconnected, resulting in theoretical and methodological divergence. Drawing on an empirical strategy inspired by Ros (2013), the study employs panel and cross-section data for approximately 115 countries over the period 1970–2019, combining information from multiple international databases, with particular emphasis on the Penn World Table. The estimations incorporate variables associated with both proximate causes of growth—such as capital accumulation and educational attainment—and fundamental causes, including institutions, geography, and structural characteristics of economies. The expected results aim to identify the main determinants of sustained productivity growth and to contribute to an integrated and empirically grounded approach to growth and development theories.