SOLOW'S RETURN: INVENTIONS, IDEAS AND THE QUALITY OF LIFE

Charles Kenny

Journal of International Commerce, Economics and Policy (JICEP), 2012, vol. 03, issue 02, 1-15

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.

Keywords: Endogenous growth; exogenous growth; quality of life; health; education; JEL Classifications: O10; JEL Classifications: I00 (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1142/S1793993312500093

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