In new growth theory, the source of economic growth is?

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09-08-2022
Business

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In new growth theory, the source of economic growth is?

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MubeenaD MubeenaD · Answer 1 · 2022-08-20T20:30:51+02:00

The new growth theory provided a novel perspective on the factors that promote economic progress. In contrast to the exogenous growth theory of neoclassical economics, which holds that economic advancement is governed by uncontrollable external forces.

Profits are squeezed by competition, thus people are continually looking for better methods to do things or developing new goods to increase profitability. One of the main ideas of the new growth theory is this idea.

According to the hypothesis, innovation and the development of new technologies do not just happen at random. Instead, it relies on how many individuals are looking for new inventions or technology and how diligently they are looking.

To learn more about New Growth Theory here

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