ECONOMIC GROWTH, A RETROSPECTIVE OVER TIME: A LITERATURE REVIEW

Abstract

The first economists who had a vision of developing and increasing the wealth of nations were the mercantilists. Mercantilism cannot be defined as a coherent theory or an organized school, its supporters have often expressed contradictory views. However, two things give these authors a good start in analyzing economic growth and development. First, this theory lasted for almost three centuries and dominated the economic policies of most European states. Secondly, it is impossible to properly evaluate the significance and extent of the classical economists' contribution to the development perspectives, without taking into account mercantilism. Adam Smith's theory of the causes of economic growth is an alternative to mercantile policies.

Keywords

• economic development
• economic growth
• economic growth and ggregate productivity

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