What are the main endogenous growth mechanisms emphasized by the new economic growth theory?

1. Learning by doing and knowledge spillover.

In 1962, Arrow proposed the "learning by doing" model, emphasizing that the process of acquiring knowledge by people engaged in production is endogenous to the model.

2. Human capital.

In 1988, Lucas tried to explain long-term growth in terms of human capital in his essay on the mechanism of economic development. In it, he mainly discusses the interaction between physical and human capital, and the institutions that can accommodate specialized human capital.

3. Research and development.

Another view is to internalize technological progress through the research and development process.

4. "Creative destruction".

Creative destruction is the hallmark of the neo-Schumpit theory of economic growth. The main exponents of this theory are Agion and Hoyt.

Schumpeter believed that economic progress is achieved by a series of creative destruction processes, that economic progress is driven by entrepreneurs who have innovative ideas in products, processes or other aspects, entrepreneurs have a certain monopoly power over their innovations, and the entry of new enterprises is beneficial to consumers, but not to the original enterprises in the market. In competition, economic progress is achieved by a series of "creative destruction" processes, the driving force of economic progress is entrepreneurs who have innovative ideas in products, processes or other aspects, entrepreneurs have a certain monopoly power over their innovation, new enterprises enter consumers, new enterprises are in competition, the original enterprises will be squeezed out or even expelled from the market by new entrants, economic growth is achieved in such a process of survival of the fittest, Aguion and Hoyt will Schumpeter's idea, Mathematization is the result of technological progress as the result of the process of entrepreneurial innovation and creative destructionSchumpeter believed that economic progress is achieved by a series of creative and creative destruction processes, the driving force of economic progress is entrepreneurs with innovative ideas in products, processes or other aspects, entrepreneurs have a certain monopoly power over their innovation, the entry of new enterprises is beneficial to consumers, but it is unfavorable to the original enterprises in the market, in the competition, the original enterprises will be squeezed out or even expelled from the market by the new enterprises, Economic growth is achieved in such a process of survival of the fittest, and Aguion and Hoyt mathematize Schumpitt's idea, viewing technological progress as the result of entrepreneurial innovation and a process of "creative destruction."

The endogenous growth mechanism emphasized by the new economic growth theory is mainly the innovation-driven strategy and innovative development concept, which is the primary driving force of economic development.

The exogenous economic growth model treats technological progress as exogenous and thus fails to explain the fact that technological progress is developing rapidly. The endogenous economic growth model treats technological progress as an endogenous decision and is able to explain the causes of technological progress.

a.Filipino attacks Phelps.

b.Solo Void Paiki.

c.Romer. d.Diamond.

Correct answer: c

In different countries and in different periods, the factors that determine economic growth are different.

1) A system is a code of conduct that involves social, political and economic behavior. Institutions determine people's economic and other behaviors, as well as a country's economic growth. The establishment and improvement of the system is the premise of economic growth.

2) Resources. Economic growth is an increase in output, and output is produced from various factors of production. The various factors of production are resources, therefore, the source of growth is the increase of resources.

The sources of capital travel include labor and capital. Labor refers to the increase of labor force, and the increase of labor force can be divided into the increase in the quantity of labor force and the improvement of labor quality. The concept of capital is divided into physical capital and human capital.

Physical capital, also known as tangible capital, refers to the stock of equipment, plants, inventories, etc. Human capital, also known as intangible capital, refers to the investment embodied in workers, such as the cultural and technical level of workers, health status, etc. Economic growth must be accompanied by an increase in capital.

3) Technology. The role of technological progress in economic growth is reflected in productivity gains, i.e., the same amount of input of factors of production provides more products. Technological progress plays the most important role in economic growth.

Technological progress mainly includes improvements in resource allocation, economies of scale, and knowledge.

The new economic growth theory is Paul Romer.

Expand: The Significance of the New Economic Growth Theory:

1. The introduction of knowledge and specialized human capital into the growth model illustrates the continuous source and driving force of economic growth.

2. The neoclassical growth theory is revised, highlighting the intrinsic nature of technology, and emphasizing that most of the technology or knowledge economy agents originate from the products of conscious investment that maximizes profits.

3. It points out the important role of learning by doing and knowledge spillover, and points out that in the process of economic development, the knowledge stock of enterprises is a function of the amount of investment in jujube fiber.

Paul Romer.

4. Emphasizing the importance of developing countries opening up to the outside world, the new economic growth theory believes that the best between countries can accelerate the transfer of advanced knowledge, technology and human capital around the world, so that countries, especially developing countries, can benefit a lot.

5. The role of the first policy in economic development has been re-established, and the leading position of the first policy in economic development has been emphasized.

The proposer of the new theory of economic growth is: Romer.

The new economic theory was put forward in the mid-80s of the 20th century.

Introduction to the New Economic Theory: One of the important contents of the New Economic Growth Theory is to expand the definition of "labor" in the neoclassical growth model to human capital investment, that is, manpower not only includes the absolute number of labor force and the average technical level of the country, but also includes the education level of the labor force, the training of production skills and the cultivation of the ability to cooperate with each other, etc., which are collectively referred to as "human capital".

Functional formula of the new economic theory: The production function in the new growth theory model is a functional form of output related to capital, labor, human capital and technological progress, that is, y=f(k,l,h,t).

where y is the total output, k, l, and h are the stock of physical capital, labor input, and human capital (intangible capital), respectively, and t is the level of technology.

Application of the New Economic Growth Theory:

First, the new growth theory introduces knowledge and specialized human capital into the growth model, arguing that the accumulation of knowledge and specialized human capital can generate incremental returns and increase the returns of other input factors, and then the total scale returns increase, which shows that economic growth is a sustained and permanent source and driving force.

Second, an important revision of the neoclassical growth theory by the new growth theory is that it abandons the assumption of the exogenization of technology, highlights the endogenous nature of technology, and emphasizes that most of the technological or knowledge-based economic agents are derived from the products of conscious investment that maximizes profits.

Third, the new growth theory points out the important role of learning by doing and knowledge spillover in economic development, in the process of economic development, manufacturers can learn a lot from their own investment activities, and their knowledge stock is a function of the amount of investment.

Fourth, the New Growth Theory emphasizes the importance of developing countries opening up to the outside world in the process of economic development.

Fifth, unlike the neoclassical growth theory, the new growth theory re-establishes the status and role of policies in economic development, and the theoretical research summarizes a set of economic policies to maintain and promote long-term growth.

The theory of endogenous growth is a branch of Western macroeconomic theory that emerged in the mid-80s of the 20th century, and its core idea is that the economy can achieve sustained growth without relying on external forces, and endogenous technological progress is the decisive factor to ensure sustained economic growth. Emphasis is placed on imperfect competition and increasing returns.

The endogenous growth theory, also known as the modern economic growth theory, focuses on how to explain the differences in economic growth between countries and the changes in economic growth between countries over time, so as to better understand the real driving factors and causes of economic growth, and provide a theoretical basis for economic growth policies.

Growth theorists primarily examine the determination of long-term growth rates under the assumption of perfect competition. The endogenous growth model contains two specific research ideas. The first is the idea of Romer, Lucas and others to explain economic growth with the increasing returns and technological externalities of the whole economy, and the representative models include Romer's knowledge spillover model, Lucas's human capital model, Barrow model, etc.

The second is to use the continuous accumulation of capital to explain the endogenous growth of the economy, and the representative models are the Jones-Mano model and the Rebelo model. There are some shortcomings in the endogenous growth model under perfect competition conditions: First, the assumptions of perfect competition are too strict, which limits the explanatory power and applicability of the model.

Second, the perfect competition assumption cannot better describe the characteristics of technology goods: non-competition and partial exclusivity, and makes some endogenous growth models logically inconsistent.

In order to overcome the problems of the above-mentioned endogenous growth model, since the 90s of the 20th century, growth theorists have begun to study the problem of economic growth under the assumption of monopolistic competition, and some new endogenous growth models have been proposed. These models can be divided into three types according to the different understandings of economists on technological progress: endogenous growth model with product variety increase, endogenous growth model with product quality upgrading, and endogenous growth model with deepening specialization.

The proposal of these three types of models indicates that the endogenous growth theory has entered a new stage of development.