Abstract
The purpose of this article is twofold. First, it identifies different patterns of economic growth among the 222 countries/territories in the world. Second, it assesses how each of the patterns of economic growth affects quality of life, including human development, poverty level, unemployment, international peace/conflict, and relative deprivation, among others. Several broad patterns of economic growth were found: knowledge‐based, trade‐based, savings‐based, and ethnic‐religiously affected. The knowledge‐based economy was the most predominant pattern, followed by trade‐based. Although the dominance of the knowledge‐based economy does diminish the effect of the “traditional” pattern of the free trade on economic growth, these two patterns are significant in enhancing not only economic growth but also quality of life across the world. This pattern‐analysis aims to group insights from diverse theories of economic growth and variables in a systematic way, and identifies causal relations between the variables grouped under each pattern.Related Articles Asongu, Simplice A. 2016. “.” Politics & Policy 44 (): 97‐134. http://onlinelibrary.wiley.com/doi/10.1111/polp.12148/full Lagunes, Paul F. 2012. “.” Politics & Policy 40 (): 802‐826. http://onlinelibrary.wiley.com/doi/10.1111/j.1747-1346.2012.00384.x/full Armijo, Leslie E., and Sybil Rhodes. 2015. “.” Politics & Policy 43 (): 611‐646. http://onlinelibrary.wiley.com/doi/10.1111/polp.12127/pdf Related Media Marquardt, Kyle L., and Yoshiko M. Herrera. 2015. “” Social Science Quarterly 90 (): 689–716. http://onlinelibrary.wiley.com/doi/10.1111/ssqu.12187/abstract Borg, Anders. 2016. “6 factors shaping the global economy in 2016.” World Economic Forum. Geneva, Switzerland. https://www.weforum.org/agenda/2015/12/6-factors-shaping-the-global-economy-in-2016 Klemm, Alexander. 2013. “Growth Following Investment and Consumption‐Driven Current Account Crises.” (Authorized for distribution by Dora Iakova.) IMF. Washington, DC. https://www.imf.org/external/pubs/ft/wp/2013/wp13217.pdf
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