Economics · Endogenous Growth Theory Assumptions
Endogenous growth theory assumes:
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- 1Technology is a pure public good with no excludability and no rival nature
- 2Fixed proportions between capital and labour and a constant capital-output ratio
- 3Non-diminishing (constant or increasing) returns to a broad concept of capital including knowledge and human capital✓
- 4Diminishing returns to capital and exogenous technological change as the primary driver of long-run growth
Correct answer
Non-diminishing (constant or increasing) returns to a broad concept of capital including knowledge and human capital
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