Publication

This paper compares and contrasts the approaches taken by the neoclassical and the evolutionary schools of economic thought to analyze economic growth. The paper reviews the development and basic ideas of both neoclassical and evolutionary economics and argues that despite evident differences there seem to be convergence between the two traditions. After introducing both schools of thought the paper summarizes the development of economic theory on growth, addresses early attempts to endogenize growth as well as neoclassical and evolutionary growth models and finally explores both schools' mutual relationship.