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, this model is tailored to the UK’s economic challenges and highlights actionable strategies for fostering innovation, reforming education, enhancing trade, strengthening governance, and building resilience to shocks. This holistic framework aims to guide the UK toward achieving sustainable and inclusive growth in an increasingly interconnected global economy.