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Q. Describe Endogenous growth theory?
Endogenous growth theory or new growth theory was developed in the 1980s by Paul Romer and others. In neo-classical model, technological progress is an exogenous variable. Neo-classical growth model makes no attempt to explain why, how and when technological progress takes place.
The major objective of the endogenous growth theory is to make the technological progress an endogenous variable to be explained within the model therefore the name endogenous growth theory.
What is this underlined phrase above referring to in the chapter lecture? Select one: a. Physical capital b. Social capital c. Human capital d. Entrepreneurship e. Growth com
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Q. Why GDP is determined only by aggregate demand? Note that we haven't said anything about the aggregate supply so far. In order to justify why GDP is determined only by aggre
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