In this fourth part of our series on economic growth and development, I outline the major theories of economic development developed over the past sixty years. I trace the development of such theories beginning with the Harrod-Domar theory, and proceeding through the Solow-Swan model, the Ramsey model, Romer's spillovers model, and endogenous growth theory, in each case discussing their key features, and analysing their strengths and weaknesses. The episode concludes with a brief survey of a range of more recent growth models focusing on modelling coordination failures and poverty traps, emphasising the work of Daron Acemoglu on economic institutions. The Recommended pre-listening is Episode 105: Economic Growth and Development Part III.
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Episode 126: Depression and Serotonin
Special Episode: Genetic Testing
Episode 125: Earthquakes
Episode 124: Volcanoes
Episode 123: Respiratory and Circulatory Systems Part 2
Episode 17: Energy, Work, and Momentum
Episode 16: Profits and Competition
Episode 15: Chemical Bonding
Episode 14: Principles of Quantum Mechanics
Episode 13: Newtonian Mechanics
Episode 12: The Price System
Episode 11: The Origin of the Universe
Episode 10: The Cell
Episode 9: Matter and Molecules
Episode 8: History of the Atom
Episode 7: Introspection Illusion
Episode 6: Thermodynamics
Episode 5: Corporate Conspiracies
Episode 4: The Origin of Life
Episode 3: Organic Agriculture Part 2
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