8 - Models of Economic Growth and Development in the Context of Human Capital Investment: The Way Forward for Africa
Corresponding Author(s) : Lansana Keita
Africa Development,
Vol. 43 No. 3 (2018): Africa Development
Abstract
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth. Economic growth has also been understood to establish the conditions for economic development. The better-known models of economic growth such as the Lewis, Rostow, Harrod-Domar, Solow, and Romer growth models are discussed. The discussions apply contextually to the problematic issue of growth and development in Africa. It is argued that a very necessary condition for growth and transformational development in Africa is heavy investment in human capital. It is pointed out that countries that invest much human capital to produce highly educated populaces usually reap the benefits of such in terms of high per capita GDPs, regardless of the levels of their technological and industrial output. Countries like New Zealand, Iceland, and Denmark offer evidence of this. Models of African development such as the Lagos Plan of Action in terms of the whole continent are discussed within the context of existing impediments to such progress.
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- Barro, R., 1997, Determinants of Economic Growth: A Cross-Country Empirical Study, Cambridge, MA.: MIT Press.
- Berg, E., 1981, ‘ The Berg Report, Accelerated Development in Sub-Saharan Africa: An Agenda for Action’, World Bank Report, Washington, D.C.
- Chang, H. J., 2008, Bad Samaritans–The Myth of Free Trade and the Secret History of Capitalism, New York, Bloomsbury Press.
- Domar, E.D., 1946, ‘Capital Expansion, Rate of Growth, and Employment’, Econometrica, 14, 137-147.
- Fanon, F., 1963, The Wretched of the Earth, New York, Grove Press.
- Fogel, R.W., 2005, ‘Reconsidering Expectations of Economic Growth After WWII from the Perspective of 2004’, IMF Staff Papers, 52, 6-14.
- Harrod, R., 1939, ‘An Essay in Dynamic Theory’, Economic Journal, 49, 137-147. Jones, R.S., 2013, ‘ Education Reform in Korea’, OECD Economics Department Working Papers No. 1067.
- Keynes, J.M., 1935, The General Theory of Employment, Interest and Money, London, Macmillan.
- Lenin, V.I., 1917, Imperialism, The Highest Stage of Capitalism, Moscow, Progress Publishers. Lewis, W.A., ‘Economic Growth with Unlimited Suplies of Labour’, Manchester University, 1954.
- Mankiw, G.N., ‘The Growth of Nations’, Brookings Papers of Economic Activity, 1, 275-326.
- Marshall, A., 1920, Principles of Economics, London, Macmillan.
- Polanyi, K., 1957(1944), The Great Transformation, Boston, MA.: Beacon Books.
- Reinert, E., 2007, How Rich Countries Got Rich and Why Poor Countries Stay Poor, New York, Public Affairs.
- Romer, P.M., 1990, ‘Endogenous Technological Change’, JPE, 98, 5, s71-s102. Rostow, W., 1960, The Stages of Economic Growth–A Non-Communist Manifesto, Cambridge, Cambridge University Press.
- Sen, A.K., 1970, Growth Economics: Selected Readings, London, Penguin Books.
- Smith, A., [1776]1991, The Wealth of Nations, New York, Prometheus Books.
- Solow, R., 1956, ‘A Contribution to the Theory of Growth’, Quarterly Journal of Economics, 70(1), 65-94.
- Swan, T., 1956, ‘Economic Growth and Capital Accumulation’, Economic Record, 32, 2, 334-361.
- United Nations Economic Commission for Africa, 1980, Lagos Plan of Action for the Economic Development of Africa, 1980-2000.
References
Barro, R., 1997, Determinants of Economic Growth: A Cross-Country Empirical Study, Cambridge, MA.: MIT Press.
Berg, E., 1981, ‘ The Berg Report, Accelerated Development in Sub-Saharan Africa: An Agenda for Action’, World Bank Report, Washington, D.C.
Chang, H. J., 2008, Bad Samaritans–The Myth of Free Trade and the Secret History of Capitalism, New York, Bloomsbury Press.
Domar, E.D., 1946, ‘Capital Expansion, Rate of Growth, and Employment’, Econometrica, 14, 137-147.
Fanon, F., 1963, The Wretched of the Earth, New York, Grove Press.
Fogel, R.W., 2005, ‘Reconsidering Expectations of Economic Growth After WWII from the Perspective of 2004’, IMF Staff Papers, 52, 6-14.
Harrod, R., 1939, ‘An Essay in Dynamic Theory’, Economic Journal, 49, 137-147. Jones, R.S., 2013, ‘ Education Reform in Korea’, OECD Economics Department Working Papers No. 1067.
Keynes, J.M., 1935, The General Theory of Employment, Interest and Money, London, Macmillan.
Lenin, V.I., 1917, Imperialism, The Highest Stage of Capitalism, Moscow, Progress Publishers. Lewis, W.A., ‘Economic Growth with Unlimited Suplies of Labour’, Manchester University, 1954.
Mankiw, G.N., ‘The Growth of Nations’, Brookings Papers of Economic Activity, 1, 275-326.
Marshall, A., 1920, Principles of Economics, London, Macmillan.
Polanyi, K., 1957(1944), The Great Transformation, Boston, MA.: Beacon Books.
Reinert, E., 2007, How Rich Countries Got Rich and Why Poor Countries Stay Poor, New York, Public Affairs.
Romer, P.M., 1990, ‘Endogenous Technological Change’, JPE, 98, 5, s71-s102. Rostow, W., 1960, The Stages of Economic Growth–A Non-Communist Manifesto, Cambridge, Cambridge University Press.
Sen, A.K., 1970, Growth Economics: Selected Readings, London, Penguin Books.
Smith, A., [1776]1991, The Wealth of Nations, New York, Prometheus Books.
Solow, R., 1956, ‘A Contribution to the Theory of Growth’, Quarterly Journal of Economics, 70(1), 65-94.
Swan, T., 1956, ‘Economic Growth and Capital Accumulation’, Economic Record, 32, 2, 334-361.
United Nations Economic Commission for Africa, 1980, Lagos Plan of Action for the Economic Development of Africa, 1980-2000.