Abstract
Modern growth theory emphasizes a deliberate state policy to promote economic growth. Although Solow’s model used a neoclassical production function where competitive markets played an optimizing role, long-run economic growth was determined by technological progress, which was assumed to be exogenous.
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Sengupta, J. (2011). Growth Policy. In: Understanding Economic Growth. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-8026-7_9
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DOI: https://doi.org/10.1007/978-1-4419-8026-7_9
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