The approach of techniques depends on accumulation of capital

The impact factor
from Web of Science of ‘Quarterly Journal of Economics’ is 6.662, the highest
among other journals so it is considered the most important and relevant,
followed by ‘American Economic Review’ and ‘Economic Journal’ with having
impact factor of 4.026 and 2.608 respectively. In addition, according to Web of
Science citation, ‘A contribution to theory of economic growth’ has 4464
citations, the highest among other articles, therefore it has the highest
quality compared to ‘Economic growth and Income Inequality’ and ‘A model of
Economic Growth’ of having citation of 2251 and 7 accordingly.

In different
societies, each have distinctive rate of economic growth. And in “A model of
Economic Growth” written by Kaldor (1957) examines various model of economic
growth presenting six basic properties of the model, the working of the model,
two stages of capitalism and trend and fluctuation. Established with Keynesian
cognition, Kaldor applied this to full employment situation to state that
output is restricted by lack of resources rather than by effective demand. Further
on, for the individual fluctuation of capital/output ratio would depend on
knowledge and capital accumulation, which would later lead to entire economy’s
capital/output ratio to be constant. Adding on, Kaldor assumed that approach of
techniques depends on accumulation of capital and industrial progress. With
above assumptions, Kaldor examines on two models of constant working population
and growth of population. Through these, he has concluded that growth in
population will lead to growth in income until the maximum rate of population
reached and alteration of rate of technical progress and lastly, he has emphasized
taking technological progress as endogenous variable in the long run model
which influences variation of the economic growth.

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To
look more into close interaction between circulation of income and economic
growth. The article “Economic Growth and Income Inequality” written by Kuznet
(1955), examines the distribution of income in the course of a country’s
economic growth. He looks at family units adjusted for family size and the
entire income distribution rather than just segments of it. He leaves aside
cases where the primary earner in a family is either in school or retired. The
capital gains are excluded from national income. He tries to infer trends in
secular income rather than annual levels of income. In Part I, Kuznets finds
that the inequality of income distribution in the UK, US, and
Germany narrowed rather than widened. In Part II,
Kuznets analyse the reasons why his findings are illogical. Addressing the
issue of unequal savings, Kuznets describes potential countervailing
forces that could be in play. He demonstrates the various ways a shift out of
agriculture could affect overall inequality. In part III, he considers trends in inequality in relation to other
aspects of growth. In part IV, Kuznets recognizes
that the growth curve and inequality trends of early developed countries could
inform us about growth and inequality in developing countries. Kuznets
concludes the
article with the hope that his work will inspire
further research, better evidence, and a fuller understanding of economic growth.