Bring out the salient features of the Romer model of endogenous econom

Question

Bring out the salient features of the Romer model of endogenous economic growth.

09 Sep 2024

Answer :

Word Count : 873

The Romer model of endogenous economic growth, developed by Paul Romer in the late 1980s, represents a significant departure from earlier economic growth theories by emphasizing the role of technology and innovation in driving long-term economic growth. This model is a cornerstone of endogenous growth theory, which suggests that economic growth is primarily driven by factors within the economy rather than external forces. Here are the salient features of the Romer model:

### 1. Role of Technology and Ideas

A central feature of the Romer model is its focus on technology and ideas as key drivers of economic growth. Unlike earlier models that treated technological progress as an external factor, Romer’s model incorporates the generation of new technology and ideas as an endogenous process. This means that technological improvements are the result of intentional actions by firms and individuals within the economy, rather than being ____ _____ _____ ______ _________ ___ ________ _______ ___ ________ ____ ______.
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