Characteristics of endogenous growth theory, Macroeconomics

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Q. Characteristics of endogenous growth theory?

There are many different explanations for technological progress. Most of them, though, have many common characteristics: 

  • They are based on constant return to scale for capital. So MPK isn't a decreasing function of K in these models.
  • They consider technological development as a public good.
  • They focus more on human capital.
  • It is possible for government to affect the growth rate. Higher savings also results in higher growth, not just higher GDP per capita.
  • They predict convergence of GDP per capita between countries in the long run. This is a consequence of public good property of the technological developments.

 


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