investment. In "new" growth theory regressions, which include the investment ratio, all other included variables pick up why the … productivity of investment differs between countries. This paper converts a "new" growth theory regression equation into … neoclassical growth theory, and to identify the major determinants of differences in the productivity of investment using the …

critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty. A.P. Thirlwall … illustrates that orthodox growth theory continues to work with one-good models and to treat factor supplies as exogenously given …, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade …