THEORY OF ECONOMIC GROWTH

There are numerous growth models in literature. However, there is no consensus as to which strategy will achieve the best success. The achievement of sustained growth requires minimum levels of skills and literacy on the part of the population, a shift from personal or family organization to large scale unit (Nnanna, 2004). Some of these existing growth models are Two-Gap Model, Marxian Theory, Schumpeterian Theory, Harrod-Domar Theory of Growth, Neo-Classical Model of Growth, and

Endogenous Growth Theory. The growth models relevant to this are Neo-Classical Model of Growth, and Endogenous Growth Theory, since these growth models explain the situation in developing economies such as Nigeria, Ghana, etc.

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