Mainstream economic theories today are logical, consistent and even explanatory in many ways, when their relevance is tested in real economic situations, they often fail to correctly explain normal economic transactions. Thus they are only successful in explaining a fictional world and fictional economic relations that are largely based on unrealistic assumptions. Economic Growth is a study of new and alternative theories and models to replace the parables of these mainstream ideologies and hopes to appeal to open minded economists as a constructive contribution for the further...

This book is intended to be complementary to the volume entitled "Economic Growth and Development" published in 2015. In the first chapter, Francesco Macheda contributes a thorough analysis of historical developments. In the following chapters, Hasan Gurak is reporting on rather important global issues regarding long-run growth and the progress of developing countries, such as the Brain Drain, Types of Capital, The Legend of Savings equals Investment and the Middle-Income Trap. Qualified brains or synonymously qualified labor is a sine qua non for economic growth and development....