The main strands and dilemmas of contemporary economic growth theory

The main strands and dilemmas of contemporary economic growth theory

 

Krzysztof Malaga

 

Keywords: economic growth, economic development, economic growth theory, economics and economic growth dilemmas

 

Summary: The aim of the article is to identify the main strands and some of the most important dilemmas of contemporary economic growth theory against the background of methodological dilemmas of the theory of economics. Several threads are taken up with reference to comprehensive professional literature. The most important ones are: the vagueness of distinction between economic growth and economic development (and its influence on the way of understanding and measuring of economic growth), the role of time and space in economic growth theory, the types of language describing economic growth, distinguishing marks of economic growth theory, the separateness of economic growth theory and fluctuations theory, the frontiers of quantitative and qualitative economic growth analysis, the belonging of economics to the group of nomothetic or idiographic sciences, the significance of inductive and deductive methods in economic theory, the existence of economic laws. The main thread of the article is an attempt to justify that the frontiers of economic growth sources and mechanisms recognition are defined by different types of language that constitutes their identification, description and quantification. The vital conclusion derived from the article is the postulate of the unity of sciences, leading to the necessity of creating new systems theory which would be the metalanguage or metatheory of economics.

 

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