CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Economic growth has long been considered an important goal of economic policy with a substantial body of research dedicated to explaining how this goal can be achieved. Most of the empirical studies have focused on explanatory variables selected on the basis of their relevance to policymakers or because of other theoretical predictions. See for instance, Barro 1991; Levine and Renelt 1992.
