Understanding the adoption of new technology by firms or consumers, its historical context, importance, and impact on economic growth.
Explore the persistent increase in per capita aggregate output and in the aggregate physical capital per worker, the history, types, theories, and factors influencing economic growth across different countries.
The Solow Residual is a measure used in economics to quantify the portion of national income growth that cannot be attributed to the growth of labor and capital, often ascribed to technological progress.
A neoclassical model that attributes long-term economic growth to exogenous technological progress, capital accumulation, and labor force growth, but eventually emphasizes the diminishing returns to capital investment.
Technological progress is a pivotal element in exogenous growth theory, regarded as an external factor that independently fuels economic growth through productivity enhancement.
The Industrial Revolution marks a period of major industrialization and technological advancements that began in the late 18th century and continued into the 19th century. It led to the introduction of mass production, improved transportation, significant technological progress, and the establishment of the industrial factory system.
A comprehensive exploration of exogenous growth, a key tenet of neoclassical economic theory emphasizing growth driven by technological progress independent of economic forces, and its comparison with endogenous growth theory.
