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Abstract
Neoclassical growth theory and the institutional approach to economic development grew apart during the 1970s and 1980s. More integration of these two schools of thought can lead to better analysis and policy. This paper identifies shortcomings of the neoclassical model, especially an overemphasis on savings and investment, and explores stages of growth theory in the context of institutional economics. Its strengths and weaknesses and its application to South Africa are considered.
Notes
Assistant Professor. Graduate Program in Hospital and Health Administration, College of Medicine. University of Iowa, USA.