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 27: Intermolecular Bonds and Phase Transitions
Episode 26: Human Organ Systems
Episode 25: Organs, Tissues and Systems
Episode 24: Vibrations and Waves
Episode 23: Chemical Reactions
Episode 22: Our Place in the Cosmos
Episode 21: Introduction to Evolution
Episode 20: The Reliability of Memory
Episode 18: Biochemistry Basics
Episode 19: Market Failure
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: The Atom
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