Overview

The monograph by Hungarian economist György Szymon Jr. is an attempt to analyze economic growth and its political context in Greece in the post-World War II period 1939-1945. The functioning of the economic growth mechanism is described in model form with a review of the key postulates of Keynesian, neoclassical and endogenous theories. The outcome of Greece's modern development is then examined, with particular attention to the role of foreign direct investment. The general growth model used by the author, primarily for the econometric study concerning Greece over the 70 years between 1950 and 2020, is based on the Caldorian approach to technological progress. It takes into account both physical and human capital, as well as time in the role of event space of creative economic activity. Based on this model, the total factor efficiency of the Greek economy is compared with the world level and the effect of the braking mechanism is shown.