Modern Theories of Economic Growth: Comparative Analysis

The article analyzes modern theories of economic growth within the framework of various conceptual directions: neo-Keynesian, neoclassical, empirical, as well as new theories of growth. Within the framework of system analysis, the determinants of modern economic growth are analyzed within the framework of the designated theoretical directions. A set of main factors (endogenous and exogenous), justified by these theories and models existing within their framework, has been identified that stimulate an increase in the rate of economic growth or contribute to its slowdown. Determination of the essential characteristics of modern theories of economic growth (models existing within their framework or being their synthesis), their large-scale comparative analysis, systematization according to various criteria (according to the level of scientific knowledge, from the position of the factor approach, according to the theory’s affiliation with economic schools and directions); from the positions of level gradation (studies of world economic growth, national, regional level); on taking into account STP (scientific and technological progress) in models of economic growth; on factors of an endogenous nature; on the type of uniformity of economic growth; from the position of involving additional resources; number of economic sectors (one-sector, two-sector and three-sector models); based on various types of market situations (perfect and monopolistic competition); the use of spatial econometrics methods; other models (do not belong to certain general criteria), made it possible to determine important indicators of the development of the economies of the world in aggregate form and assess the adaptation of the world economy as a whole to modern challenges and threats dictated by digitalization processes and increased productivity. The analysis and classification of existing models of economic growth made it possible to generalize and determine the main promising directions for the further development of economic systems at various levels of their functioning.