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Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development.
Lucas and Paul Romer heralded the birth of endogenous growth theory and the resurgence of research on economic growth in the late 1980s and the 1990s. [ 23 ] [ 24 ] Lucas also contributed foundational contributions to behavioral economics, and provided the intellectual foundation for the understanding of deviations from the law of one price ...
Post neoclassical endogenous growth theory is a development of Endogenous growth theory. The term was notably used in a 1995 speech by the Shadow Chancellor of the Exchequer , Gordon Brown . The speech was written for Brown by his adviser Ed Balls . [ 1 ]
The AK model of economic growth is an endogenous growth model used in the theory of economic growth, a subfield of modern macroeconomics.In the 1980s it became progressively clearer that the standard neoclassical exogenous growth models were theoretically unsatisfactory as tools to explore long run growth, as these models predicted economies without technological change and thus they would ...
The Uzawa–Lucas model is an economic model that explains long-term economic growth as consequence of human capital accumulation. Developed by Robert Lucas, Jr., [1] building upon initial contributions by Hirofumi Uzawa, [2] it extends the AK model by a two-sector setup, in which physical and human capital are produced by different technologies.
Endogenous money is a heterodox economic theory with several strands, mostly associated with the post-Keynesian school, as well as some sectors of the Austrian school. Multiple theory branches developed separately and are to some extent compatible (emphasizing different aspects of money), while remaining united in opposition to the New ...
The Jones model (also known as the semi-endogenous growth model) is a growth model developed in 1995 by economist Charles I. Jones.. The model builds on the Romer model (1990), and in particular it generalizes or modifies the description of how new technologies, ideas, or design instructions arise by taking into account the criticism of the Romer model that the long-term growth rate depends ...
The Ramsey–Cass–Koopmans model (also Ramsey growth model or neoclassical growth model) is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey in 1928, [1] with significant extensions by David Cass and Tjalling Koopmans in 1965.