The primary aim of economic policy is to achieve as great and as general welfare as possible. The only way to achieve the long-term growth of welfare is to ensure the intense but sustainable development of the economy. This is why it is a key issue to study economic growth. Most of the growth...

One of the most debated questions of economics is whether the pace of long run economic growth can be influenced by economic policies. The (long run) steady state growth rate of the economy is determined by two exogenous factors according to neoclassical theory. But Endogenous growth theories...