THE EVOLUTION OF THE THEORIES OF ECONOMIC DEVELOPMENT

Abstract

The article analyses the main stages in the evolution of the theories of state economic growth and development, the scientific views and contribution of outstanding economists (notably A. Smith, D. Ricardo, K. Marx, J. Keynes and others) to settling these problems. The authors came to the conclusion that theories of economic growth evolved in close connection with the economic situation. Valid theoretic approaches which define economic growth as a basic element of national economic development were introduced as early as in the works of the representatives of the classical school of political economy.