Advanced Economic Growth Models

In this book, a selection of exogenous and endogenous models of economic growth is explained, interpreted and analyzed using dynamic optimization mathematics. The most important factor of long-term economic growth in exogenous growth models such as Soler, Ramsey and Neoclassical is the exogenous growth of technology, while the growth factor in endogenous growth models is a function of the model parameters. According to these models, the country's economic growth depends not only on the accumulation of capital, but also on the accumulation of knowledge and technology creation, on-the-job learning, the prosperity of research and development, and the flourishing of its relative advantages.