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Economic Growth

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The Palgrave Encyclopedia of Strategic Management

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Abstract

What determines economic growth? Early literature, starting with Adams Smith’s The Wealth of Nations (1776), focuses on the production process, technology and markets to explain growth. This literature focuses on the accumulation of physical capital. Later research emphasized the importance of human capital. Since institutions determine the rules of the game and set the competitive environment, they are also important elements in explaining growth. The evolutionary approach goes beyond institutions and considers growth to be the result of evolving economic systems.

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Author information

Authors and Affiliations

  1. Naval Postgraduate School, Monterey, CA, USA

    Charles J. Lacivita

Authors
  1. Charles J. Lacivita
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Corresponding author

Correspondence to Charles J. Lacivita .

Editor information

Editors and Affiliations

  1. GSBPP, Naval Postgraduate School, Monterey, CA, USA

    Mie Augier

  2. Berkeley Research Group, LLC, Emeryville, CA, USA

    David J. Teece

  3. Haas School of Business, University of California, Berkeley, Berkeley, CA, USA

    David J. Teece

Copyright information

© 2018 Macmillan Publishers Ltd., part of Springer Nature

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Lacivita, C.J. (2018). Economic Growth. In: Augier, M., Teece, D.J. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-00772-8_411

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