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What is Growth Engines: Solow vs. Romer Models about?

Chapter 5 compares the Solow and Romer models of economic growth, highlighting that the Solow model views technology as exogenous while the Romer model sees it as endogenous, driven by R&D. The Romer model emphasizes increasing returns from ideas and the importance of innovation, suggesting that policies can influence long-run growth through R&D subsidies and education. Ultimately, the chapter argues that innovation is the key engine of sustained economic growth, contrasting with the Solow model

Author

Eshita Varshney

Language

EN