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1996•Palgrave Macmillan UK eBooksRequires access

The New Theories of Endogenous Growth

Orlando A. Ochoa

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Abstract

This chapter presents the central theoretical underpinning of this research: the concept of technological knowledge accumulation and its implications for economic growth. Traditional work on economic growth, exemplified by Solow (1956) and Denison (1967), assumed that the rate of technological change was exogenous. Recently economists have started to model the process of knowledge accumulation. The resulting literature is known as endogenous growth theory. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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What this paper is about

This chapter presents the central theoretical underpinning of this research: the concept of technological knowledge accumulation and its implications for economic growth. Traditional work on economic growth, exemplified by Solow (1956) and Denison (1967), assumed that the rate of technological change was exogenous. Recently economists have started to model the process of knowledge accumulation. The resulting literature is known as endogenous growth theory. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Available abstract

This chapter presents the central theoretical underpinning of this research: the concept of technological knowledge accumulation and its implications for economic growth. Traditional work on economic growth, exemplified by Solow (1956) and Denison (1967), assumed that the rate of technological change was exogenous. Recently economists have started to model the process of knowledge accumulation. The resulting literature is known as endogenous growth theory. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Key concepts: Underpinning, Endogenous growth theory, Growth theory, Economics, Technological change, Neoclassical economics, Work (physics), Process (computing)

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