Determinants of economic growth: the experts' view

Abstract

Over the last two decades a wide range of studies has investigated the factors underlying economic growth. Using differing conceptual and methodological viewpoints, these studies have placed emphasis on a different set of explanatory parameters and offered various insights to the sources of economic growth and development. This paper draws on a questionnaire survey addressed to various experts (academics, regional scientists, policy makers and business people), to explore their views on the factors underlying economic dynamism. Economic dynamics refers to the potential an area has for generating and maintaining high rates of economic performance. Specific issues raised in the questionnaire include an evaluation of the world’s most dynamic areas (in the near future), the factors that advance or retard economic growth, the significance attached to a number of elements in terms of their influence to economic performance, the combination of characteristics that expected to promote economic dynamism and an evaluation of the ability of each theoretical background and methodological technique to explain economic dynamism and to study growth. The results of this research, which is in progress, are expected to assist assessment of our current knowledgebase, to identify misconceptions and knowledge gaps and to indicate direction for further research on the issue of economic growth.