THE FACTORS OF ECONOMIC GROWTH FROM A CLASSICAL PERSPECTIVE

Abstract

The problems of economic growth have been increasingly taken into account over the last decades, which brings to the fore the issue of the factors that determine it. The dynamics of contemporary economic development requires detailed knowledge and thorough study of this complex set of elements. Over the years they have highly evolved and changed the concept of generating growth. The beginning, however, was set long ago in the past. This study examines the factors of growth from the point of view of the classical economic theory. The analysis starts with the ideas of W. Petty and the determinants worked out by him – labour and land; it continues with Fr. Quesnay’s views on the power of nature and the crucial role of agriculture; it identifies the main causes of the wealth of nations according to A. Smith with an emphasis on labour productivity; it emphasizes the dynamic changes in the factors according to J. S. Mill; it justifies their triune structure according to J. B. Say and outlines some obstacles to growth according to T. Malthus.