Revolutionizing Growth Economics: New Models to Drive Global Prosperity
The article discusses how new research has revitalized the study of economic growth by incorporating technological progress into economic models. This new approach, known as endogenous growth theory, aims to explain how technology evolves within the economy over time. By using advanced modeling techniques and analyzing data from various countries, researchers have made significant progress in understanding the factors that drive economic growth. Key findings include the importance of considering technological change as an internal factor in economic development, rather than treating it as an external force. This shift in perspective has led to a deeper understanding of how economies grow and develop over time.