Towards an Endogenous Theory of Economic Growth

R.U. Ayres

INSEAD from INSEAD, Centre for the Management of Environmental Resources. The European Institute of Business Administration.

Abstract: This paper proposes a new approach to growth theory. The rationale is two-fold. First of all, the old (Solow-tupe) theory is increasingly unable to explain the "stylized facts" of growth. These are well known and it is unecessary to summarize the difficulties. The second part of the rationale is that the standard theory is based on so-called neoclassical "microfoundations" that are both internally inconsistent and unnecessary.

Keywords: ECONOMIC GROWTH; TECHNOLOGY (search for similar items in EconPapers)
JEL-codes: O41 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:fth:insead:97/67

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