Original language | English (US) |
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Title of host publication | The New Palgrave Dictionary of Economics |
Editors | Steven Durlauf, Lawrence E Blume |
Publisher | Palgrave Macmillan |
ISBN (Electronic) | 978-1-349-58802-2 |
ISBN (Print) | 978-0-333-78676-5 |
State | Published - 2008 |
Abstract
Following a phase of near-constant living standards lasting from Stone Age until the onset of the Industrial Revolution, a large number of countries have experienced growth takeoffs, in which stagnation gives way to sustained economic growth. What causes some countries to enter a growth takeoff while others remain poor? We discuss three mechanisms that can trigger a growth takeoff in a country previously trapped in poverty: fertility decline, structural change, and accelerating technological progress.