PhD student papers
Human capital and institutions in the early models of endogenous theory of growth
Published:
2021-01-15
https://doi.org/10.21845/comp/2004/2/9
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Czegledi, P. (2021). Human capital and institutions in the early models of endogenous theory of growth. Competitio, 3(2), 135-149. https://doi.org/10.21845/comp/2004/2/9
Abstract
The endogenous theory of growth, or, as it is often called, the new theory of growth has become a fully-developed theory within about twenty years. The original goal of the theory was to offer better explanations for facts than traditional theories. However, this was only partly achieved. If this is so, then what are the proceeds of the whole theory? The study aims at proving that though the endogenous theory does not offer a much better explanation for facts, it has deepened our understanding of economic growth and incorporated factors in the formal theory, which so far have only been dealt with by "softer" branches of the theory of growth.