AN APPROACH TO THE PRINCIPLES OF THE ECONOMICS OF INNOVATION AND GROWTH

Abstract

Economic growth is a central concept in the economic theory. Modern societies refer to growth as an important determinant for rising standards of living. These effects can be observed not only in more goods and services, but also in brand new products and processes. Investment in human capital is looked upon the very source of long-term, sustainable economic growth. The purpose of this chapter is to provide a brief description of the economic growth, how to analyze its measurement, and also to review briefly the main schools of economic thought that have undertaken its analysis.