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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What is new about new growth theory?

To determine

New growth theory.

Explanation

Neoclassical theory is an exogenous growth theory, which emphasis on labor and physical capital. In the neoclassical theory, the technology is considered as exogenous, that means, technology is generated outside the economic system or betterment in technology is just happened from outside of our control...

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