Home /
Expert Answers /
Economics /
deriew-romer-p-m-1986-34-increasing-returns-and-hang-run-gowth-34-joumal-is-porihcal-econo-pa518
(Solved): Deriew Romer, p.m (1986): "Increasing returns and hang Run gowth, "Joumal is porihcal econo ...
Deriew Romer, p.m (1986): "Increasing returns and hang Run gowth, "Joumal is porihcal economy, 1. Discuss the frimang : (a) The objectives of the paper (b) (Ihe model set up (it appucabre) (C) (Ine muan contribution of the papor
Deriew Romer, p.m : "I inereasing beturns and hang Run growth, "Joumal of porihcal economy, 1. Discuss the forlauing : (a) The objectives of the paper (b) (Ihe model set up (if appucable) (c) (The main contibution of the papar
Expert Answer
"Increasing Returns and Long-Run Growth" published in the Journal of Political Economy.The Objectives of the Paper: The main objective of the paper is to develop a theoretical framework to explain long-run economic growth. The author argues that traditional neoclassical growth theory, which relies on exogenous technological progress, is insufficient to explain sustained growth over the long run. Instead, he proposes a new model based on the concept of increasing returns, which emphasizes the role of endogenous technological change in promoting long-run economic growth.