ABSTRACT
Introduction The explanation of economic growth is still one of the most interesting fields in economic theory. Generations of economists analysed the determinants of economic growth. The post-war period was certainly one of the most productive periods in this research area. Neoclassical economists like Solow (1956), Swan (1956) or Meade (1962), as well as Postkeynesians like Harrod (1939) and Domar (1946), developed various models that focused on the conditions of stable growth paths, but did not include endogenous growth. Long-run per capita income could only be explained by assuming exogenous technical progress. However, Arrow (1962) and Kaldor (e.g. 1957) stressed the endogenous character of technical progress and its links to investment.
