January 1956
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2,839 Citations
Economic Record
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... Conversely, physical capital, labor, human capital, and technology are strongly and positively associated with economic growth in ASEAN countries. Physical capital, labor, human capital, and technology are recognized as fundamental factors of economic growth by growth theories, from neoclassical exogenous models (Solow, 1956;Swan, 1956) to endogenous frameworks (Arrow, 1962;Uzawa, 1965;Lucas, 1988;Romer, 1986Romer, , 1990Grossman & Helpman, 1991;Aghion & Howitt, 1992;Farmer & Schelnast, 2021). Later, modern institutionalism considers these determinants as proximate factors, emphasizing institutions as the ultimate source of economic growth (North, 1990;Acemoglu et al., 2012). ...
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January 1956
Economic Record