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An endogenous growth theory implication is that policies that embrace openness, competition, change and innovation will promote growth. [ citation needed ] Conversely, policies that have the effect of restricting or slowing change by protecting or favouring particular existing industries or firms are likely, over time, to slow growth to the ...
Lucas (1988) is a seminal contribution in the economic development and growth literature. [22] 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]
Paul Michael Romer (born November 6, 1955) [1] is an American economist and policy entrepreneur who is a University Professor in Economics at Boston College. [2] Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. [3]
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.
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 concept of learning-by-doing has been used by Kenneth Arrow in his design of endogenous growth theory to explain effects of innovation and technical change. [5] Robert Lucas, Jr. adopted the concept to explain increasing returns to embodied human capital. [6]
Robert Joseph Barro (born September 28, 1944) is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University. [1] Barro is considered one of the founders of new classical macroeconomics, along with Robert Lucas Jr. and Thomas J. Sargent. [2]
BNL Quarterly Review, vol. 53, pp. 349-381, page 366, the following is claimed: ‘Beginning in the middle 1980s with the work of Romer (1986) and Lucas (1988) and continuing with a flood of articles there has been an active attempt to extend the neoclassical model by making the steady-state rate of growth itself and endogenous variable.