resources, capital formation and technological development. The emergence of economic growth theories can
however be traced back to Adams Smith’s Wealth of Nations. In Smith’s view, economic growth of a nation
strictly speaking, ‘wealth of Nations’ depends on the division of labour and is limited by the limits of division of
labour. The Smithian view was later superceded by the view of Richardo, Malthus and Mill. The growth theories
suggested by these great economists are collectively called classical theory of economic growth. And then,
during the nineteen thirties and forties, R.F. Harrod and Dumar developed a path breaking theory of economic
growth-the capital accumulation theory of economic growth, popularly called Harrod-Domar growth model. The
theories of economic growth can be examined under the Harrod-Domar theory of growth, Kaldor model of
distribution, Pasinetti model of profit and growth, Joan Robinson’s model of capital accumulation, Meade’s Neo
Classical model of economic growth and the Solow model of long run growth. The above models of economic
growth or theories are discussed as follow: