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The Balkan countries undergoing the transition must advance their economies to be more competitive. The aim of this paper is to analyse economic growth with a primary focus on the analysis of economic convergence in the Balkan region in the period of 1997-2020. The research analyses the following Balkan economies: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Romania, Serbia, and Slovenia. This study applies Gross Domestic Product (GDP) as a measure of economic growth and is based on the neoclassical economic growth model: the Solow's convergence concept. The results show that the Balkan countries experienced economic convergence with a speed of 1.82% in the cross-sectional model and 7.87% in the panel data model. It means that the initially less developed economies noted higher economic growth than those richer. [ABSTRACT FROM AUTHOR]

Entrepreneurship is a strategy for economic growth and it is perceived to be higher in developing countries. But other scholars found that it does not bring economic growth in developing countries. The purpose of the study was to reflect on this paradox in Sub-Saharan Africa from neoclassical economic theory where entrepreneurship is perceived as carrying out innovations. A cross-sectional survey of enterprises was undertaken in Malawi to measure the values of new products, new methods of production, new markets, and new enterprises. Comparison of mean values and 2 independent samples tests were used to analyse innovations carried out, types of entrepreneurial enterprises and their prevalence. The study found that carrying out innovations among enterprises in Malawi is low. Opportunity-motivated, growth-oriented, and limited liability enterprises are entrepreneurial types of enterprises but there were very few. Therefore, the paradox depends on the theory which guides the understanding of entrepreneurship. The classical economic perspective reflects the paradox while the neoclassical economic perspective does not. The study contributes to knowledge on the types of entrepreneurial enterprises and that the paradox depends on the understanding of entrepreneurship. The findings imply that entrepreneurship is ineffective for economic growth in developing countries because of a lack of carrying out innovations. Therefore, the understanding of entrepreneurship in developing countries needs to be adjusted to neoclassical economic theories so that policy focuses on supporting entrepreneurial enterprises for entrepreneurship to be effective for economic growth, ceteris paribus. [ABSTRACT FROM AUTHOR]

This study sought to reinterpret the Keynesians and Neoclassical growth models in the Zimbabwe context. The study adopted an Error Correction Model for estimating annual time series data for the period 1990 to 2020. Out of the five growth models examined, the results of the study confirmed a positive relationship between real GDP and the Harrod-Domar, Solow, Schumpeter and Nurkse growth models, with Lewis growth model exhibiting an inverse relationship, contrary to the positive relationship that underpins the model. The study, recommend the need for the government of Zimbabwe to come up with policies that enhances the attraction of Foreign Direct Investment which could enhance the growth of fixed capital formation. There is also need for revitalization of the industrial sector given that it is operating below capacity as suggested by the study results. The government of Zimbabwe should continue supporting the agricultural sector through its Command agricultural and Pfumvudza initiatives as this would spur agricultural exports, which are key for growth. The government of Zimbabwe should also come up with initiates that enhances innovation, through making budgets for research and development, and enacting laws that govern patents. [ABSTRACT FROM AUTHOR]

Copyright of Investigación Económica is the property of Universidad Nacional Autonoma de Mexico, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Following Ertur and Kock (2007) and Elhorst, Piras, and Arbia (2010), a spatially-extended neoclassical Solow growth model is developed to explore the spatial characteristics of regional economic growth at the prefecture level over the period 1992-2010 in China. A Spatial Durbin Model with the spatial fixed effects is verified in empirical analysis. The results show that spatial spillovers exist not only among the economic growth of neighbors, but also among the initial economic levels of neighbors. Furthermore, the same analysis is conducted for a new specified sample by controlling spatial heterogeneity, and the results show that spatial spillover effects are enhanced and the velocity of convergence is greater. The empirical analysis verifies that the extended neoclassic growth model is a feasible foundation to explore the spatial characteristics of regional economic growth over the period 1992-2010 in China. [ABSTRACT FROM AUTHOR]

This study begins with a brief presentation of the Neoclassical Model of economic growth and continues with the inclusion of two additional variables that affect welfare in opposing ways: pollution and abatement expenditures. The optimal steady-state conditions are derived allowing for a preliminary comparison of the resulting balanced growth paths under the criterion of welfare maximization with and without environmental externalities. Finally, using a balanced panel data of 43 countries and for the time period 1990-2011 we test the validity of including the environment in the neoclassical growth model approximating pollution abatement with the electricity production from renewable sources and pollution with carbon dioxide emissions. With the help of adequate econometric panel data methods we test the validity of the environmental Kuznets curve hypothesis for the full sample, as well as for the OECD and non-OECD countries. [ABSTRACT FROM AUTHOR]

Copyright of Procesos de Mercado is the property of Procesos de Mercado. Revista Europea de Economia Politica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this study is to examine the relationship between hydroelectricity consumption and economic growth in seven Latin America countries including Argentina, Brazil, Chile, Colombia, Ecuador, Peru and Venezuela. The analysis is conducted within a neoclassical model involving capital and labour force, for the period of 1970–2012. We utilize a recently developed cointegration test to investigate the long run relationship in the variables. Having established that the variables are cointegrated, the results indicate long run bidirectional causality between hydroelectricity consumption and economic growth in Argentina and Venezuela. There is evidence for long run unidirectional causality from hydroelectricity consumption to economic growth in Brazil, Chile, Colombia, Ecuador and Peru. The long run coefficients from the regression analyses suggest that hydroelectricity consumption positively affect the economies of these Latin American countries. However, limited evidence of causality between the two variables is found in the short run. The ensuing policy implications of the findings are discussed. [ABSTRACT FROM AUTHOR]

Purpose – This editorial builds on the distinction between soft and hard economics and discusses dominant explanations for the development challenges of Sub-Sahara African (SSA) countries. It also seeks to offer a backdrop for the papers in the present volume of AJEMS. The paper aims to discuss these issues. Design/methodology/approach – It is based on a review of a selection of literature that highlights the dominant perspectives in neoclassical economics and competing streams of research that provide alternative perspectives. Findings – The review suggests the emergence of a competing paradigm that focuses attention on the human factor in economic growth process – i.e. the development of human capability as a foundation of sustainable inclusive growth. The competing streams of research seem to co-exist today, but there are potentials for paradigmatic criss-crossing in future research. Originality/value – It provides directions for future research into issues of economic growth and poverty alleviation in SSA. [ABSTRACT FROM AUTHOR]

Purpose – The authors considered three regional trading agreements (RTAs): European Union (EU-25), ASEAN Free Trade Area (AFTA), and South Asian Free Trade Area (SAFTA) to test the hypothesis that poor members within a RTA catch rich members and thereby follow the path of income convergence. Of particular interest is to test whether partial openness (i.e. formation of RTAs) or openness or political conditions are conducive to economic growth among the member countries of RTAs. The paper aims to discuss these issues. Design/methodology/approach – The authors used pooled datasets from three different RTAs, namely the EU-25, the AFTA, and the SAFTA. Taking five years average for all variables, starting from 1961 to 1965 and extending to 2001-2005, the authors tested the hypothesis that the growth rate of per capita GDP is negatively related to the initial level of per capita GDP. Constructing a dynamic behavioral equation and forming the reduced form equation, the authors calculated the s-convergence, and both conditional and unconditional convergence. Findings – The authors found that both the EU-25 and the AFTA exhibit s-convergence, and both conditional and unconditional convergence, while the reverse evidence was observed in the case of the SAFTA. However, the speed of convergence of the AFTA was found to be much higher than that of the EU-25. Originality/value – Formation of RTA by countries should be considered as an essential condition to achieve sustained economic growth. In addition, political rights, trade openness, and more importantly benevolence of the member countries within the RTA must be shown to sustain economic growth and convergence; otherwise with the passage of time, divergence among the RTA members will be evident. [ABSTRACT FROM AUTHOR]

This study is an attempt to test the hypothesis "international trade contributes to economic growth through its effects on human capital accumulation." To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth models. We thus ended up with a model in which the change in human capital is sensitive to change in trade policies. Unlike conventional approaches, the model serves to assess and determine the impact of international trade on the accumulation of human capital. The empirical analysis estimates dynamic panel growth equations by using a data-set of nine Asian countries, over the period 1972-2012. The overall evidence substantiates the fact that in countries under consideration, international trade enhances the accumulation of human capital and contributes to economic growth positively through human capital accumulation. [ABSTRACT FROM AUTHOR]

This contribution examines how gender equality features in the World Bank's World Development Report 2006: Equity and Development, focusing on its conceptual framework, use of empirical evidence, and policy recommendations. It concludes that despite acknowledging that liberalization and privatization have been captured by elites for their own benefit, the report still clings to a neoclassical understanding of how markets and competition work. Moreover, although the report emphasizes gender inequality in opportunities as a trap that hinders economic growth, it shows no understanding of economic growth as a gendered process in which old forms of gender inequality are weakened but new forms of gender inequality emerge. [ABSTRACT FROM AUTHOR]