How New Is New Growth Theory?

Abstract

at least the late 1950s, most formal neo-classical models of economic growth have recognized technical advance as the key driving force. Thus, they have also been consistent with a central conclusion of the empirical research on the sources of growth. However, most of the earlier formal models were mute or incoherent regarding the sources of technical advance. Recognition of this fact has led, over the past decade, to the development of a family of new formal neo-classical growth models which make technological advance endogenous involving the profit-seeking investments of business firms (see Aghion and Howitt 1990; Grossman and Helpman 1989; and Romer 1990). These models capture in stylized form several

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