Reflection of the economic growth theories in Europa 2020 strategy

Abstract

Europe 2020 is the umbrella strategy of the European Union (EU) aiming at enhancing of the economic growth of EU over the years 2010-2020. In this regard in takes into account number of the economic growth factors, listed by the contemporary theories of economic growth, such as the neo-classical economic growth theory (employment), new economic growth theory (innovations, research and development) and partly in the theory of evolutionary economic growth (economic governance). Furthermore, Europa 2020 strategy considers the sub-theory of sustainable economic growth (poverty reduction, climate change, renewable energy, and energy efficiency), as well as indirectly – the impact of fiscal indicators upon GDP growth, which is not yet well incorporated into the economic growth theories and considered as being just some framework condition of growth.