Abstract
Equilibrium growth in the basic neoclassical growth model is exogenous: the steady state path, in fact, depends on factors such as the rate of growth of the labour force and technical progress. Both are exogenous: the labour force grows according to exogenous demographic factors, and technical progress is no more than an exogenous time trend.
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Gandolfo, G. (2004). Growth, Trade, Globalization. In: Elements of International Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-07005-5_18
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DOI: https://doi.org/10.1007/978-3-662-07005-5_18
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