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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 MP_K 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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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9577533

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