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- Publisher
- World Scientific Publishing Company
- Copyright
- Copyright ©
- ISSN
- 1793-9933
- eISSN
- 1793-9941
- DOI
- 10.1142/S1793993312500093
- Publisher site
- See Article on Publisher Site
Abstract
Robert Solow's model of "exogenous" economic growth driven by the global diffusion of technology is out of fashion because it is contradicted by empirical evidence of income divergence. Today, economic growth is considered "endogenous" and institutions are seen as central to the long-term growth process. At the same time, non-income measures of quality of life do see strong patterns of global growth and convergence. This suggests that institutions may be less important to achieve progress in broader quality of life while a larger and important role concerns the factors that drive exogenous change, including the flow of technology and ideas.
Journal
Journal of International Commerce, Economics and Policy – World Scientific Publishing Company
Published: Jun 1, 2012
Keywords: Endogenous growth exogenous growth quality of life health education JEL Classifications: O10 JEL Classifications: I00