Economics Dictionary of ArgumentsHome
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| Exogenous growth: Exogenous growth in economics refers to economic growth driven by factors external to the economy, such as technological advancements, population growth, or government policies. It is central to the Solow-Swan model, which assumes that long-term growth arises from external forces rather than internal economic dynamics like capital accumulation or innovation within the system. See also Economic growth, Endogenous growth, New Growth Theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Robert Solow on Exogenous Growth - Dictionary of Arguments
Feenstra I 10-16 Exogenous growth/Solow/Feenstra: The celebrated model of Solow (1956)(1) specified that capital accumulation should depend on investment, which equals to savings in the autarky one-sector economy, so that capital would gradually rise to its steady-state level. >Economic models. But that model still assumed that technological progress was exogenous, and a positive rate of technological progress or growth in the labor force was needed to obtain steady-state growth. The same assumptions were used in two-sector, open economy versions of this model, such as Smith (1977)(2). VsExogenous growth model: Ultimately, interest in the profession has turned to models that instead allow for an endogenous rate of technological innovation, and we shall outline one of these models, taken from Grossman and Helpman (1990(3); 1991(4)) (…) >Endogenous growth, >Economic growth. 1. Solow, Robert M., 1956, “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics, 70, 65-94. 2. Smith, M. Alasdair, 1977, “Capital Accumulation in the Open Two-Sector Economy,” Economic Journal, 87(346), June, 273-282. 3. Grossman, Gene M and Elhanan Helpman, 1990, “Comparative Advantage and Long Run Growth,” American Economic Review, 80, 796-815. 4. Grossman, Gene M and Elhanan Helpman, 1991, Innovation and Growth in the Global Economy, Cambridge: MIT Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Solow I Robert M. Solow A Contribution to the Theory of Economic Growth Cambridge 1956 Feenstra I Robert C. Feenstra Advanced International Trade University of California, Davis and National Bureau of Economic Research 2002 |
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