Ideas on a Model of Economic Growth for the UK: An Integrated Framework

Economic growth theories have provided significant insights into the mechanisms driving development, yet single-idea models often fall short in addressing the complexities of modern economies. The Solow Growth Model, endogenous growth frameworks, and structural change theories each focus on specific drivers of growth but lack a comprehensive perspective. This paper proposes an integrated overarching model that combines elements from these frameworks, including capital accumulation, human capital, technological progress, structural transformation, institutional quality, and globalisation. By addressing the limitations in existing theories and incorporating debates from Keynesian and monetarist perspectives, as well as insights from public administration and comparative policy studies, this model seeks to provide actionable strategies tailored to the UK’s persistent challenges. These challenges include addressing stagnant productivity, regional inequalities, and post-Brexit uncertainties, offering a pathway to sustainable and inclusive growth.