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Mainstream economic thinking is still characterized by a predominantly a-spatial theoretical structure. Though economists are able to model the impacts of capital, labor or technology on output, employment or prices at both macro and micro levels, our methodological tools are still not sensitive...
Persistent link: https://www.econbiz.de/10011318996
Technological change is a central element in macroeconomic growth explanation. Endogenous growth models take a revolutionary step towards better understanding the economic growth process by deriving technological change from profit-motivated individual behavior. In endogenous growth theory...
Persistent link: https://www.econbiz.de/10011319002