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 67: An Overview of Language Part 2
Episode 66: An Overview of Language Part 1
Episode 65: Money, Inflation, and Interest Rates
Episode 64: Knowledge Representation
Episode 63: The Nervous System
Episode 62: Organic Chemistry Demystified
Episode 61: Magnetism
Episode 60: Memory Encoding and Recall
Episode 59: Smell
Episode 58: Taste
Episode 57: Electric Current and Circuits
Episode 56: The Gains from Trade
Episode 55: Sex and Gender Part 2
Episode 54: Sex and Gender Part 1
Episode 53: Sound and Music
Episode 52: Applications of Optics
Episode 51: Acids and Bases
Episode 50: Science Myths and Misconceptions
Episode 49: Market Structure
Episode 48: Theory of the Firm
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