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Endogenous growth theory represents a significant evolution in macroeconomic thought, challenging the traditional neoclassical growth models by emphasizing that economic growth is primarily driven by factors internal to the economy rather than external or exogenous forces. Unlike the Solow-Swan model, which attributes long-run economic growth to exogenous technological progress and assumes diminishing returns to capital, endogenous growth theory proposes that investments in human capital, innovation, knowledge, and R\&D can generate increasing returns and sustained growth without relying on external technological shocks. This theoretical framework has considerable relevance in understanding modern economic dynamics, policy formulation, and the long-term growth trajectories of nations. The central premise of endogenous growth theory is that knowledge, ideas, and human capital are not subject to the same diminishing returns as physical capital. This insight has profound implications for policy, as it suggests that government interventions in education, research and development, infrastructure, and innovation can have a lasting impact on growth rates. By internalizing the determinants of technological progress, endogenous growth models provide a mechanism through which policy decisions influence long-term growth. For instance, subsidies for research and development or tax incentives for innovation-intensive industries can increase ____ _______ _________ _____ ___ ____ ______ __________ ________ ___.
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