What is Robert Solow known for?
Exogenous growth model
Endogenous growth model
Behavioral economics
Game theory
Answer
Exogenous growth model is a concept developed by Robert Solow. It suggests that economic growth is driven by external factors outside of the traditional production function, such as technological progress, innovation, and human capital accumulation. These factors are not directly controlled by the economy and are considered exogenous to the model. Solow's model emphasizes the importance of these external factors in explaining long-term economic growth.
Robert Solow Quiz-topia: 31 Questions to Explore Your Knowledge
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