1. Introduction to and Summary of Economic Growth: The New Perspectives for Theory and Policy

While there have been many researches and numerous theories of great scholars on economic growth and well-being in the past, many people in many developing countries are still suffering from poverty, inequality and mismanagement of growth potentials. According to the United Nations (UN), 48 countries are classified as the least-developed countries with a Gross National Income (GNI) per Capita of US$1,000 or less and the total population of these countries is 700 million or greater. Among them, 50 % are living with $1 or less and in 10 of the countries, 40 % of the population is undernourished. However, the fact that only four countries have escaped from being classified as the least-developed countries since the 1970s it shows how difficult it is to escape from poverty and destitution.