Growth Factors and Strategy Choices in a Semi-developed Situation

Abstract

The basic idea of this paper was born from a feeling that traditional approaches to economic growth theory tend to neglect an important constraint which — though not necessarily restricted to any particular level of development —seems to be having a most serious effect on the interplay of growth factors in semi-developed economies. This constraint results from the very high and quickly growing level of consumers’ aspirations which enters into contradiction with the not-so-high level of productive capacities.