This essay provides a comprehensive overview of economic growth theory, exploring various perspectives such as the Malthusian theory, the Solow-Swan model, and the Laissez-faire principle of Adam Smith. It delves into the roles of factors of production, including land, labor, capital, and entrepreneurship, in driving economic growth, emphasizing their impact on a country's gross domestic product and living standards. The essay also discusses the Harold-Domar theory, which focuses on wealth accumulation. Furthermore, the essay examines the application of these theoretical insights to a pair of countries, analyzing key variables and data to understand differences in economic growth and sustainable development. Finally, it concludes with policy recommendations aimed at improving economic performance and social welfare for a selected country, drawing on the findings of the analysis and emphasizing the importance of factors such as technology, education, and infrastructure.
![[object Object]](/_next/static/media/star-bottom.7253800d.svg)
