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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 ...
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]
Endogenous growth theory started with Paul Romer's 1986 paper, [24] borrowing from Arrow's 1962 "learning-by-doing" model which introduced a mechanism to eliminate diminishing returns in aggregate output. [5] [25] A literature on this theory has developed subsequently to Arrow's work. [26]
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 ...
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]
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]
[110] [111] Unlike endogenous growth theory that focuses entirely on the modern growth regime and is therefore unable to explain the roots of inequality across nations, unified growth theory captures in a single framework the fundamental phases of the process of development in the course of human history: (i) the Malthusian epoch that was ...
His research focuses on economic growth and innovation. With Peter Howitt, he developed the "Schumpeterian paradigm", and extended the paradigm in several directions; much of the resulting work is summarized in his book titled Endogenous Growth Theory, co-authored with Howitt, and more recently in The Power of Creative Destruction.