Abstract:Ever since Robert Solow (1956) based his model of economic growth on the neoclassical production function with its key factors of production, capital and labor, economists have relied upon the model of the production function as a basis for explaining the determinants of economic growth. Paul M. Romer's (1986) critique of the Solow approach was not with the basic model of the neoclassical production function, but rather what he perceived to be omitted from that model-knowledge. Not only did Romer (1986), along… Show more
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