Pub Date : 1900-01-01DOI: 10.56902/irbe.2018.1.3.42
G. Yoganandham
Climate Change reveals the multi dimensional spheres of economic impact on the developing economy. The inherent nature of economic forecasting involves significant degrees of uncertainty, estimates of the results of global warming have varied widely. However, climate change impacts can be measured as an economic cost. This is particularly well-suited to market impacts, that is impacts that are linked to market transactions and directly affect Gross Domestic Product. Monetary measures of non-market impacts, like impacts on human health and ecosystems, are more difficult to calculate. Therefore protecting the forests, wildlife, climate, natural wealth and the environment are now a matter of life and death for this world. Talented, imaginative and committed young professional are needed more than ever to create a future where people can live in harmony with nature. Show that professionals are concerned and contribute their share to safe guard the climate and environment. Hence, the main objective of this research paper is to study the theoretical aspects of the effects of climate change on humans, industry, economy and society.
{"title":"Effects of Climate Change on Distribution, Freshwater Resources and the Economy - A Theoritical Assessment","authors":"G. Yoganandham","doi":"10.56902/irbe.2018.1.3.42","DOIUrl":"https://doi.org/10.56902/irbe.2018.1.3.42","url":null,"abstract":"Climate Change reveals the multi dimensional spheres of economic impact on the developing economy. The inherent nature of economic forecasting involves significant degrees of uncertainty, estimates of the results of global warming have varied widely. However, climate change impacts can be measured as an economic cost. This is particularly well-suited to market impacts, that is impacts that are linked to market transactions and directly affect Gross Domestic Product. Monetary measures of non-market impacts, like impacts on human health and ecosystems, are more difficult to calculate. Therefore protecting the forests, wildlife, climate, natural wealth and the environment are now a matter of life and death for this world. Talented, imaginative and committed young professional are needed more than ever to create a future where people can live in harmony with nature. Show that professionals are concerned and contribute their share to safe guard the climate and environment. Hence, the main objective of this research paper is to study the theoretical aspects of the effects of climate change on humans, industry, economy and society.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129519898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.64
S. K, N. Muthu
Technology is the essence of change in business and society. In this paper we can learn about technology, its characteristics, its historical phases and how innovation is fuelled today. Technological advances in the modern world have created new business opportunities. Leverage advanced tools to rise above the competition. Technology has revolutionized the way companies conduct business by enabling small businesses to level the playing field with larger organizations. Businesses nowadays, whether it is big or small, also rely on the help of technology. Most companies depends their daily operations on the use of technological innovation such as computers, internet connection, printers, applications, and file storages. That is why; every business can develop positively from small- scale to large-scale. Small businesses use an array of tech – everything from servers to mobile devices – to develop competitive advantages in the economic marketplace. Technology in business made it possible to have a wider reach in the global market. The basic example is the Internet, which is now a common marketing tool to attract more consumers in availing products and services offered by various businesses. The aim of the paper is to highlight the potential benefits of technology and advancement.
{"title":"Growing Dynamisms' Of Business And Technology/ Global Perspective","authors":"S. K, N. Muthu","doi":"10.56902/irbe.2020.4.2.64","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.64","url":null,"abstract":"Technology is the essence of change in business and society. In this paper we can learn about technology, its characteristics, its historical phases and how innovation is fuelled today. Technological advances in the modern world have created new business opportunities. Leverage advanced tools to rise above the competition. Technology has revolutionized the way companies conduct business by enabling small businesses to level the playing field with larger organizations. Businesses nowadays, whether it is big or small, also rely on the help of technology. Most companies depends their daily operations on the use of technological innovation such as computers, internet connection, printers, applications, and file storages. That is why; every business can develop positively from small- scale to large-scale. Small businesses use an array of tech – everything from servers to mobile devices – to develop competitive advantages in the economic marketplace. Technology in business made it possible to have a wider reach in the global market. The basic example is the Internet, which is now a common marketing tool to attract more consumers in availing products and services offered by various businesses. The aim of the paper is to highlight the potential benefits of technology and advancement.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127142667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.2
N. Varma
Migration has been a common phenomenon since a long time. Movement of people across borders and thus, movement of ideas, new skills and technical know-how result in the benefits not only for the receiving countries but also for the sending countries. In this regard, it is very important to consider the role of Diaspora communities for the receiving countries and our study focuses on the role of Indian Diaspora communities residing in other foreign lands and will analyze their roles in enhancing the working of different sectors of the economy in which they live. The study further illuminates the contribution of the Indian Diaspora to their native land i.e., India. There is no denial to the fact that Indian Diaspora has been contributing towards the development of the Indian economy in being the major source of Foreign Direct Investment, in transferring technology and technical know- how, substantial flow of knowledge, contributing towards tourism, charity activities, in establishing NGOs to work towards the betterment of the society and fighting social evils existing. The other side of this phenomenon is the contribution of Indian Diaspora to the receiving countries, basically, to those countries in which they live. These communities bring in their skills for the utilization of the available resources, put on their knowledge and add onto the set of technical know- how, providing new demand to the consumer market, providing to the employment opportunities and also adding to the production level of the economy. So this paper reveals the positive aspect of the existing of Indian Diaspora for foreign countries, relating their advantages to Indian Territory also.
{"title":"Indian Diaspora: Analysis Of Its Advantage To The Home Country And To The World","authors":"N. Varma","doi":"10.56902/irbe.2020.4.2.2","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.2","url":null,"abstract":"Migration has been a common phenomenon since a long time. Movement of people across borders and thus, movement of ideas, new skills and technical know-how result in the benefits not only for the receiving countries but also for the sending countries. In this regard, it is very important to consider the role of Diaspora communities for the receiving countries and our study focuses on the role of Indian Diaspora communities residing in other foreign lands and will analyze their roles in enhancing the working of different sectors of the economy in which they live. The study further illuminates the contribution of the Indian Diaspora to their native land i.e., India. There is no denial to the fact that Indian Diaspora has been contributing towards the development of the Indian economy in being the major source of Foreign Direct Investment, in transferring technology and technical know- how, substantial flow of knowledge, contributing towards tourism, charity activities, in establishing NGOs to work towards the betterment of the society and fighting social evils existing. The other side of this phenomenon is the contribution of Indian Diaspora to the receiving countries, basically, to those countries in which they live. These communities bring in their skills for the utilization of the available resources, put on their knowledge and add onto the set of technical know- how, providing new demand to the consumer market, providing to the employment opportunities and also adding to the production level of the economy. So this paper reveals the positive aspect of the existing of Indian Diaspora for foreign countries, relating their advantages to Indian Territory also.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114521488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.54
Saranya Devi M., N. M. Anirudh
Businesses across the globe has decided ‘just to survive apart from making huge profit’, from a global pandemic which has created huge disaster to economy of almost all countries in the world. In India pharmaceutical industry is improving its status day by day, on the other hand travel and tourism industry, entertainment sector, market for luxury products and services is deteriorating among which the drastic-hit is the MSMEs. This study aims at analysing various external factors influencing the performance of business especially during times of COVID-19 pandemic, those factors include political, social, cultural, economic, legal, technological, etc., The study aims at finding out those external factor and potential ways to recover from the losses incurred.
{"title":"A Study On External Environment Of Business And Its Influence On MSMEs In The Context Of Covid-19","authors":"Saranya Devi M., N. M. Anirudh","doi":"10.56902/irbe.2020.4.2.54","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.54","url":null,"abstract":"Businesses across the globe has decided ‘just to survive apart from making huge profit’, from a global pandemic which has created huge disaster to economy of almost all countries in the world. In India pharmaceutical industry is improving its status day by day, on the other hand travel and tourism industry, entertainment sector, market for luxury products and services is deteriorating among which the drastic-hit is the MSMEs. This study aims at analysing various external factors influencing the performance of business especially during times of COVID-19 pandemic, those factors include political, social, cultural, economic, legal, technological, etc., The study aims at finding out those external factor and potential ways to recover from the losses incurred.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"279 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123139018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.62
S. Sarangapani, N. Muthu
The growing trade war among India and China is creating imbalance in the among developing countries. Both countries are affecting in their business prospects. India is basically importing raw material for export of good and services. Growing tension leads to unnecessary growth impetus which affects industry growth, loss of employment opportunities and other trade related problems. India has considerable potential for reducing its trade deficit with China, as we can see from Made-in-China products sold on the Indian market. Most of them are low- and mid-range products. India can make these things itself. The value tune to the cores of rupees is loss for the both counties; it will create far reaching impact in Indian business environment. These papers highlight the possible causes and consequences of trade war between to Asian giants and suggest how to promote regional growth prospects for speedy development of economics.
{"title":"Economic Impact Of India-China Trade War: Future Directions","authors":"S. Sarangapani, N. Muthu","doi":"10.56902/irbe.2020.4.2.62","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.62","url":null,"abstract":"The growing trade war among India and China is creating imbalance in the among developing countries. Both countries are affecting in their business prospects. India is basically importing raw material for export of good and services. Growing tension leads to unnecessary growth impetus which affects industry growth, loss of employment opportunities and other trade related problems. India has considerable potential for reducing its trade deficit with China, as we can see from Made-in-China products sold on the Indian market. Most of them are low- and mid-range products. India can make these things itself. The value tune to the cores of rupees is loss for the both counties; it will create far reaching impact in Indian business environment. These papers highlight the possible causes and consequences of trade war between to Asian giants and suggest how to promote regional growth prospects for speedy development of economics.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130210006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2019.3.1.2
Prashanta Banerjee, M. Rahman
This paper studies the contributions of bank-based financing to agriculture, SMEs and non-SMEs in the overall poverty reduction in Bangladesh. Annual data are used from 1980 to 2015. ARDL bounds testing approach is applied for evidence of cointegration among the variables and VECM is subsequently estimated. The empirical results show that financing of non-SMEs significantly reduces overall poverty in the long run. To this effect, SMEs play a marginal role in the current state of affairs. In contrast, agricultural financing reveals, otherwise.
{"title":"Contributions of Agriculture, SMEs and Non-SMEs toward Poverty Reduction in Bangladesh","authors":"Prashanta Banerjee, M. Rahman","doi":"10.56902/irbe.2019.3.1.2","DOIUrl":"https://doi.org/10.56902/irbe.2019.3.1.2","url":null,"abstract":"This paper studies the contributions of bank-based financing to agriculture, SMEs and non-SMEs in the overall poverty reduction in Bangladesh. Annual data are used from 1980 to 2015. ARDL bounds testing approach is applied for evidence of cointegration among the variables and VECM is subsequently estimated. The empirical results show that financing of non-SMEs significantly reduces overall poverty in the long run. To this effect, SMEs play a marginal role in the current state of affairs. In contrast, agricultural financing reveals, otherwise.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128512785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.46
N. Chithra
The Socio-economic conditions of fisherman are playing a significant role is fishing Industry as production and many others problems of the industry largely depend on the human factors. The development of fishing industry in India largely depends on the provision of better facilities to fishermen. The skill of the individual fishermen and his intimate knowledge of fishing methods. Commercially exploitable area, best season, and the type of year to be used etc., are very essential for this hazardous Industry. The fishermen are working day and night carrying on an unending fight with nature.
{"title":"An Economic Analysis Of Marine Boat Owners In Thanjavur District Of Tamilnadu In India","authors":"N. Chithra","doi":"10.56902/irbe.2020.4.2.46","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.46","url":null,"abstract":"The Socio-economic conditions of fisherman are playing a significant role is fishing Industry as production and many others problems of the industry largely depend on the human factors. The development of fishing industry in India largely depends on the provision of better facilities to fishermen. The skill of the individual fishermen and his intimate knowledge of fishing methods. Commercially exploitable area, best season, and the type of year to be used etc., are very essential for this hazardous Industry. The fishermen are working day and night carrying on an unending fight with nature.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117343535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.2.14
R. Gopalasundar
In country like India, women entrepreneurs have to overcome multiple problems to emerge as entrepreneurs and these problems usually differ from business to business. Similarly, women entrepreneurs in our country encounter a few problems just because they are women. Thus, the complicated, multifaceted gender specific problems of women entrepreneurs require and in-depth, systematic and scientific study of issues concerned with the women entrepreneurs in different business units for finding a feasible solution to their problems. Finally, to harness their potential and for their continue growth and developments, it is necessary to formulate and action plan and appropriate strategies for stimulation support and for sustaining their efforts in the right direction. For this purpose of studying the performance and problems of women entrepreneurs, Thanjavur district has been undertaken. The industrial development and entrepreneurial development in Thanjavur district in recent years has necessitated a deeper analysis of emerging women entrepreneurs.
{"title":"The Socio-Economic Performance Of Women Entrepreneurs In Various Sectors Of Business Units In Thanjavur District Of Tamilnadu In India","authors":"R. Gopalasundar","doi":"10.56902/irbe.2020.4.2.14","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.2.14","url":null,"abstract":"In country like India, women entrepreneurs have to overcome multiple problems to emerge as entrepreneurs and these problems usually differ from business to business. Similarly, women entrepreneurs in our country encounter a few problems just because they are women. Thus, the complicated, multifaceted gender specific problems of women entrepreneurs require and in-depth, systematic and scientific study of issues concerned with the women entrepreneurs in different business units for finding a feasible solution to their problems. Finally, to harness their potential and for their continue growth and developments, it is necessary to formulate and action plan and appropriate strategies for stimulation support and for sustaining their efforts in the right direction. For this purpose of studying the performance and problems of women entrepreneurs, Thanjavur district has been undertaken. The industrial development and entrepreneurial development in Thanjavur district in recent years has necessitated a deeper analysis of emerging women entrepreneurs.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115346729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2022.6.1.1
A. Kulkarni
Competitive advantage for economies, both developed and developing, will be increasingly based on knowledge in all its forms, including science and technology, smart entrepreneurship, and new business and organizational development models. Due to COVID-19, the need for innovative solutions to health and economic disruptions has never been as keenly felt. This paper is structured in five parts. The first part examines the extent to which various countries in Sub-Saharan Africa participate in the global knowledge economy. Data is drawn from the UN Knowledge Index and canvases knowledge economy parameters such as research and development, value-added industrial production and knowledge-intensive services, advanced education, and entrepreneurship. The second part examines in more depth some of the critical drivers of the knowledge economy, drawing on our own framework. The third part critically examines the key policy documents and visions of select African nations to ascertain progress and performance in the knowledge economy from a policy point of view. The fourth section examines the relationship between Africa and India. India has long-standing links with Africa in economy, culture, and society. This paper examines recent developments in the relationship including trade and student mobility. The final section is the conclusion and provides some strategies and policies for Africa to engage further with the knowledge economy.
{"title":"Africa's Knowledge Economy and Links to India","authors":"A. Kulkarni","doi":"10.56902/irbe.2022.6.1.1","DOIUrl":"https://doi.org/10.56902/irbe.2022.6.1.1","url":null,"abstract":"Competitive advantage for economies, both developed and developing, will be increasingly based on knowledge in all its forms, including science and technology, smart entrepreneurship, and new business and organizational development models. Due to COVID-19, the need for innovative solutions to health and economic disruptions has never been as keenly felt. This paper is structured in five parts. The first part examines the extent to which various countries in Sub-Saharan Africa participate in the global knowledge economy. Data is drawn from the UN Knowledge Index and canvases knowledge economy parameters such as research and development, value-added industrial production and knowledge-intensive services, advanced education, and entrepreneurship. The second part examines in more depth some of the critical drivers of the knowledge economy, drawing on our own framework. The third part critically examines the key policy documents and visions of select African nations to ascertain progress and performance in the knowledge economy from a policy point of view. The fourth section examines the relationship between Africa and India. India has long-standing links with Africa in economy, culture, and society. This paper examines recent developments in the relationship including trade and student mobility. The final section is the conclusion and provides some strategies and policies for Africa to engage further with the knowledge economy.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115653798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.56902/irbe.2020.4.1.2
Kishore G. Kulkarni
Traditional models (presented before 1980s) which claimed to explain the reasons and process of economic growth had rarely considered improvement in quality of technology (or innovation) as the main reason for economic growth. Most of the traditional models such as Harrod-Domar, Lewis etc focused on Capital (K) as the famous factor of production that individually suffered from the diminishing marginal productivity. In fact, the famous Neoclassical model of economic growth (Solow version) assumed that both traditional factors of production such as Labor (L) and Capital (K) go through decreasing returns to scale, which means by just applying more capital, or more labor alone, the economies would experience slower rather than higher rate of growth. Therefore in that model we thought the growth is basically coming from “outside factors” such as increased international trade, lower taxation or reduced regulation. This assertion also promoted the argument that growth is “exogenous” rather than “endogenous”. The whole picture of endogenous growth was further drastically changed when Paul Romer (Nobel Prize winner of 2018) arrived on the horizon in 1990s to promote the argument that technological change as against mere Capital (K) can in fact be the prime driver of economic growth. This paper will analyze the traditional arguments of growth and compare them with what Paul Romer’s contribution is to the growth dilemma. The present paper is structured as follows: Section 1 surveys the neoclassical model that claims that growth is exogenous and Section 2 is used to make the main point that innovation, technological growth and entrepreneurship all contribute to economy in a serious way and the growth can be endogenous too. Section 3 points out the main features of this argument as applied to India’s case in a limited sense of the term.
{"title":"Role of Technology in Economic Development: With Special Reference to India","authors":"Kishore G. Kulkarni","doi":"10.56902/irbe.2020.4.1.2","DOIUrl":"https://doi.org/10.56902/irbe.2020.4.1.2","url":null,"abstract":"Traditional models (presented before 1980s) which claimed to explain the reasons and process of economic growth had rarely considered improvement in quality of technology (or innovation) as the main reason for economic growth. Most of the traditional models such as Harrod-Domar, Lewis etc focused on Capital (K) as the famous factor of production that individually suffered from the diminishing marginal productivity. In fact, the famous Neoclassical model of economic growth (Solow version) assumed that both traditional factors of production such as Labor (L) and Capital (K) go through decreasing returns to scale, which means by just applying more capital, or more labor alone, the economies would experience slower rather than higher rate of growth. Therefore in that model we thought the growth is basically coming from “outside factors” such as increased international trade, lower taxation or reduced regulation. This assertion also promoted the argument that growth is “exogenous” rather than “endogenous”. The whole picture of endogenous growth was further drastically changed when Paul Romer (Nobel Prize winner of 2018) arrived on the horizon in 1990s to promote the argument that technological change as against mere Capital (K) can in fact be the prime driver of economic growth. This paper will analyze the traditional arguments of growth and compare them with what Paul Romer’s contribution is to the growth dilemma. The present paper is structured as follows: Section 1 surveys the neoclassical model that claims that growth is exogenous and Section 2 is used to make the main point that innovation, technological growth and entrepreneurship all contribute to economy in a serious way and the growth can be endogenous too. Section 3 points out the main features of this argument as applied to India’s case in a limited sense of the term.","PeriodicalId":415549,"journal":{"name":"International Review of Business and Economics","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114615192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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