INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 02,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 869
A NEW THEORY OF ECONOMIC GROWTH: AN EVOLUTIONARY APPROACH
Jumayeva Z.B.
Asia international university
Annotation:
This article presents a new theory of economic growth. It integrates technological
innovation, knowledge diffusion, institutional adaptability, sustainability, digital transformation
and human capital development. It explores how economic policies can be adjusted to ensure
long-term development in the contemporary world. It also provides additional insights on
regulatory frameworks, global integration and financial system resilience.
Keywords:
economic growth, innovation, knowledge diffusion, institutional adaptability,
sustainability, digital transformation, entrepreneurship, policy-making, global integration,
technological progress, human capital, financial resilience, infrastructure development.
Economic growth is a fundamental concern for economists, policymakers, and researchers.
Traditional models, such as those proposed by Adam Smith, Robert Solow, and Paul Romer,
have laid the groundwork for understanding how economies expand. However, with rapid
technological advancements, globalisation, and shifting market dynamics, a new theory of
economic growth is needed to reflect contemporary economic realities.
1.
The New Theory's Core Principles
The new theory of economic growth integrates complexity science, institutional economics and
technological innovation. It emphasises endogenous innovation cycles. This theory challenges
traditional models that view technological progress as exogenous. It posits that innovation is
cyclical and arises from systemic interactions between firms, governments and consumers. These
cycles create self-reinforcing mechanisms that sustain economic expansion over time.
2.
Knowledge Diffusion and Network Effects
Economic growth depends on the speed at which knowledge spreads across industries and
nations. Technological knowledge, when effectively diffused, leads to exponential productivity
gains and enhanced global competitiveness.
3.
Institutional Adaptability
Strong institutions that can evolve with market changes are critical to sustaining growth.
Governments and regulatory bodies must maintain flexible policies that support technological
advancement, entrepreneurship and financial stability.
4.
Sustainability and Inclusive Development
Modern economies must consider environmental constraints and social equity when fostering
long-term growth. Sustainable development requires integrating environmental policies with
economic strategies to ensure balanced progress.
5.
Digital Transformation as a Catalyst
The role of artificial intelligence, blockchain, big data, and other digital technologies is
fundamental in accelerating productivity and economic expansion. Digitalization reduces
transaction costs, enhances efficiency, and creates new markets.
6.
Human Capital Development
Education, skills development and lifelong learning are vital for a competitive workforce.
Investing in human capital leads to more resilient and sustainable economic growth.
Implications for Policy and Practice
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 02,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 870
1.
Invest in education and R&D. Governments and private enterprises must fund research,
education and skill development to sustain innovation. Invest in STEM education, vocational
training and research institutions.
2.
Regulatory Frameworks for Emerging Industries
It is essential that policymakers create flexible regulations that adapt to technological
breakthroughs. Regulatory sandboxes and innovation-friendly policies must be implemented to
ensure that new industries can flourish without excessive constraints.
3.
Encouraging Entrepreneurial Ecosystems
It is vital to support startups and SMEs through financial incentives, business incubators, and
infrastructure development. Reducing barriers to market entry is key to fostering creativity and
economic diversification.
4.
Sustainability-Oriented Policies
Economic models must integrate green technologies, renewable energy sources and circular
economy principles to ensure long-term viability. Climate policies must align with economic
growth strategies.
5.
Global Economic Integration
Enhancing international cooperation in knowledge-sharing, trade and technological exchange is
vital for more resilient growth patterns. Participation in global supply chains and innovation
networks strengthens economic competitiveness.
6.
Invest in high-quality infrastructure. This means investing in transportation,
telecommunications and digital connectivity. This is essential for enhancing economic
productivity and innovation.
7.
Make the financial system resilient. A well-functioning financial system is necessary for
economic stability. It is vital to balance financial innovation with risk management. This will
prevent crises while fostering economic dynamism.
Conclusion
The new theory of economic growth is clear: it shifts the focus from purely capital accumulation
and productivity increases to a more holistic approach. This approach incorporates innovation,
institutional adaptability, sustainability, and human capital development. By understanding and
implementing these principles, economies can achieve robust and resilient long-term growth.
The role of technology and policy coordination is vital in shaping a future where economic
progress benefits all.
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