Production factors and structural changes in economy sectors: genesis of theoretical approaches

Abstract

A vast amount of contemporary issues about production factors and economy sectors induced the need to scrutinize the genesis of economic growth and development theories. In this particular article the analysis of growth and development theories is being provided with the purpose to distinguish the useful perspectives on the nature of countries development. After analysis of major and often competing growth and development theories, the main production factors vital for the process of development are being distinguished. Moreover, some consistencies could be noticed in the structural changes of economy. Critical analysis is being performed, the main insights and implications are being provided. To conclude, even though the development and economic growth theories may seem contradictory, each of them has the valuable insights to offer for development economics. Furthermore, theories vary due to the context and the priority sequence of factors of production. Moreover, the factors of production are not abundant. On the contrast, while talking about economy sectors, the consistency could be noticed in the structural change of economy.