The Factors of Economic Growth from a Classical Perspective Cover Image

Факторите на икономическия растеж през погледа на класицизма
The Factors of Economic Growth from a Classical Perspective

Author(s): Penka Shishmanova
Subject(s): Economy
Published by: Стопанска академия »Д. А. Ценов«
Keywords: economic growth; factors of growth; classical economic theory; wealth

Summary/Abstract: The problems of economic growth have been increasingly taken into accountover the last decades, which brings to the fore the issue of the factors that determine it.The dynamics of contemporary economic development requires detailed knowledge andthorough study of this complex set of elements. Over the years they have highly evolvedand changed the concept of generating growth. The beginning, however, was set longago in the past.This study examines the factors of growth from the point of view of the classicaleconomic theory. The analysis starts with the ideas of W. Petty and the determinantsworked out by him – labour and land; it continues with Fr. Quesnay’s views on the powerof nature and the crucial role of agriculture; it identifies the main causes of the wealth ofnations according to A. Smith with an emphasis on labour productivity; it emphasizes thedynamic changes in the factors according to J. S. Mill; it justifies their triune structureaccording to J. B. Say and outlines some obstacles to growth according to T. Malthus.

  • Issue Year: 4/2014
  • Issue No: 1
  • Page Range: 33-54
  • Page Count: 22
  • Language: Bulgarian