Endogenous Growth Theory
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Endogenous growth theory is an economic theory which argues that economic growth is generated from within a system as a direct result of internal processes. More specifically, the theory notes that the enhancement of a nation's human capital will lead to economic growth by means of the development of new forms of technology and efficient and effective means of production.
Definition
Endogenous Growth Theory is an economic theory that posits economic growth is primarily influenced by internal factors within the economic system, such as improvements in human capital, technological innovation, and production efficiency. The theory emphasizes enhancing a nation's human capital and innovation capabilities through education and R&D investments to achieve sustained economic growth.
Origin
Endogenous Growth Theory originated in the 1980s, developed by economists like Paul Romer and Robert Lucas. It is an extension of the traditional neoclassical growth model, which mainly focuses on external factors like capital accumulation. Endogenous Growth Theory highlights the importance of internal factors, particularly the role of knowledge and technology.
Categories and Features
Endogenous Growth Theory is primarily divided into two categories: models emphasizing human capital accumulation and those focusing on technological innovation. The former suggests that education and skill training are crucial for economic growth, while the latter focuses on R&D and innovation activities. Both stress the role of long-term investments in driving economic growth and suggest that policy interventions can enhance growth rates by promoting education and innovation.
Case Studies
A typical case is South Korea's economic development. By heavily investing in education and technological R&D, South Korea transformed from an agriculture-based country to a high-tech industrial nation. Another example is Silicon Valley in the United States, which has become a global center for technological innovation through continuous technological advancements and high levels of human capital accumulation.
Common Issues
Investors applying Endogenous Growth Theory often face challenges in effectively assessing a country or region's human capital and innovation capabilities. Additionally, misconceptions may arise from over-reliance on short-term policies while neglecting the importance of long-term investments.
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