A Simple Theory of Economic Growth.

The article presents a simple theory of the major aspects of economic growth across space and time. The eight propositions of theory of simple economic growth is discussed. First proposition states that economic growth is achieved by means of investment. Secondly, failure to grow, failure to engage in the natural process of investment and innovation needs to be explained. Thirdly, the definition and protection of property rights is required to give potential investors and innovators the opportunity and incentive for investment and innovation. Fourth, beyond low levels of economic development, the necessary property rights are too complex.