What is the name of the growth model Solow developed?
Exogenous growth model
Endogenous growth model
Keynesian model
Classical model
Answer
The exogenous growth model, developed by Robert Solow, is a macroeconomic model that explains economic growth as a result of factors external to the model, such as technological progress. Solow's model assumes that the economy is in a steady state, where the growth rate of output is equal to the growth rate of the labor force plus the growth rate of technological progress.
Robert Solow Quiz-topia: 31 Questions to Explore Your Knowledge
Related Quizzes
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox