New Growth Theory Of Capital Accumulation Type And Economic Growth Of China

New growth theorydeveloped along three main ideas.The first idea of explaining the sustained economic growth is through continuous accumulation of capital.In this theory,the definition of capital is generalized,including physical capital,human capital and so on.The second idea is due technological progress to investment in R&D activitiesby manufacturer or government.The third idea is due technological progress tothe specialization and division of labor.Assumes of the last two kind of theories seem very realistic,but they are difficult to get confirmed in empirical research.In contrast,the new growth theory of capital accumulation type has been widely empirical support.Compared to other new growth theory,the new growth theory of capital accumulation typemay seem a bit "outdated"?But in fact,this capital is not the physical capital we usually think,but broadly capital.For this reason,this type of new growth theory has stronger ability to explain economic reality than we thought.This article will discuss this type of new growth theory in detail,and attempt to verify its ability of explaining about the fact of economic growth of China after the reform and opening.