Economic Growth and Its Dynamics based on Resource Allocation

Abstract

Global economic growth is deeply mired in weakness and has become the world’s most pressing challenge. From the perspective of resource allocation, economic growth prerequisites include factor utilization efficiency and factor combinations that align with technical-economic relationships between production factors constituting products. The driving forces of economic growth stem from population growth and optimal resource allocation in open economies under the dual pressures of resource scarcity for human survival and development, along with technological expansion. The root causes of cyclical economic growth lie in the alienation of prices, technology, and capital. This paper's conclusions provide insights for breaking through the constraints of cyclical economic growth and achieving high-quality sustainable economic development.