ENDOGENOUS GROWTH THEORY-00635
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vu cs403 Database Management Systems.
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vu cs403 Mid Term Solved Past Paper No. 3.
In economics, endogenous growth theory or new growth theory was developed in the 1980s as a response to criticism of the neo-classical growth model.
In neoclassical growth models, the long-run rate of growth is exogenously determined by assuming a savings rate (the Solow model) or a rate of technical progress. This does not explain the origin of growth, which makes the neo-classical model appear very unrealistic. Endogenous growth theorists see this as an over-simplification Following table shows different stages of production of cloth. Calculate the value added at each stage of production. What is GDP by this approach?
