Vækstteori

Vækstteori, or growth theory, is a branch of economics that seeks to understand the long-run growth rate of a country's economy. It examines the factors that contribute to sustained increases in a nation's output per capita over time. Early models, such as the Harrod-Domar model, emphasized the role of savings and investment as key drivers of growth. They suggested that higher savings rates lead to increased capital accumulation, which in turn fuels economic expansion.

Later developments, particularly the Solow-Swan model, introduced the concept of diminishing returns to capital and highlighted the importance of technological progress as a source of sustained growth. This model posits that while capital accumulation can lead to growth, it eventually slows down without technological advancements. Technological progress, often treated as exogenous in this framework, allows for increased productivity and can overcome the limitations imposed by diminishing returns.

Endogenous growth theory, emerging in the 1980s, sought to explain technological progress itself as a result of economic decisions and incentives. These models emphasize factors like human capital, research and development, and knowledge spillovers as endogenous determinants of long-run growth. They suggest that policies aimed at fostering education, innovation, and knowledge creation can have a lasting impact on an economy's growth trajectory. Overall, growth theory provides a framework for analyzing the determinants of prosperity and for designing policies to promote economic development.