The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Endogenous Growth Theory

  • Peter Howitt
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2545

Abstract

Endogenous growth theory explains long-run growth as emanating from economic activities that create new technological knowledge. This article sketches the outlines of the theory, especially the ‘Schumpeterian’ variety, and briefly describes how the theory has evolved in response to empirical discoveries.

Keywords

Aggregate production function Capital accumulation Competition Creative destruction Economic growth Endogenous growth Human capital Innovations Intellectual capital Intermediate products Intertemporal utility maximization Law of large numbers Marginal product of capital Neoclassical growth theory Physical capital Product variety Productivity growth Research and development Saving rate Schumpeterian growth Steady state Technological progress Technology Technology frontier Total Factor productivity Transfer of technology 

JEL Classifications

O4 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Peter Howitt
    • 1
  1. 1.