Competing two conceptsin the theory ofeconomic growth
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Keywords:
theory of economic growth, investment, aggregate demand, uncertainty, market,Abstract
The article examines the theoretical discussion of two concepts – the Keynesian and neoclassical – on the theoretical problems of economic growth. Allneoclassical models are based on the production function in which labor and capital are seen as growth factors, perfection of the mechanism of competition and the ability of market agents instantly and correctly respond to any changes in market conditions, free pricing and free accommodation and other single factor as the free flow of capital from one field to another. In the post-Keynesian growth model postulates: investments determine savings, savings determine an allowance for costs, the value of allowances determine the normal price. As can be seen the role of chief growth factor belongs toinvestment, their implementation is related to the fundamental factors of uncertainty, the expectations are often not justified. There are causesof instability of the market system.References
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3 Keynes J.M. The Keynesian Revolution.– Cambridge. – «CambridgeUniversity Press». – 1975, – P.111-113.
4 HarrodR.K.K teoriieconomicheskoidinamiki// Klassikikeinsianstva – 1997. – №2. – S. 68-69.
5 Solow P.M. Growth Theory. – Oxford. – Oxford University Press. – 1970, – P. 171-174.
6 Solow P.M. Cambridge and the Real World // Times Literary Supplement – 1975. №3 P.58-61.
7 Ferguson C.E.The Neoclassical Theory of Production and Distribution. – Cambridge. – «CambridgeUniversity Press». –1989, – Р. 97-69.
8 Sato R. Fiscal Policy in Neoclassical Growth Model: An Analysis of the Time Required for Equilibrating Adjustment //
Review of Economic Studies – 1963. №5 P.103-105.
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Baygisiev М. К., & Оspanbayev Z. А. (2016). Competing two conceptsin the theory ofeconomic growth. International Relations and International Law Journal, 70(2). Retrieved from https://bulletin-ir-law.kaznu.kz/index.php/1-mo/article/view/90
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International relations and foreign policy
