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Under the theories of economic growth, economists have explained economic factors and their impact on economic growth. The evolution of economic growth theories can be drawn back from Adam Smith’s book, Wealth of Nation. In his book, he emphasized a view that the growth of an economy depends on division of labor. After that, the view presented by Smith was further succeeded by classical economists, such as Ricardo, Malthus, and Mill. The theory developed by these economists is known as classical theory of economic growth.
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2. Bruno, M. Easterly, W. (1994), Inflation Crisis and Long-Run Growth, The World Bank
3. Chenery, H. (ed.) (1979), Structural Change and Development Policy, Oxford University Press
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