Podcast
Questions and Answers
What are the significant contributors to economic growth according to endogenous growth theory?
What are the significant contributors to economic growth according to endogenous growth theory?
Investment in human capital, innovation, and knowledge.
What is the main idea of endogenous growth theory?
What is the main idea of endogenous growth theory?
Economic growth is primarily the result of endogenous (internal) forces, such as investment in human capital, innovation, and knowledge.
What does the long-run growth rate of an economy depend on according to endogenous growth theory?
What does the long-run growth rate of an economy depend on according to endogenous growth theory?
Policy measures, such as subsidies for research and development or education.
Why were a group of growth theorists dissatisfied with common accounts of long-run growth in the mid-1980s?
Why were a group of growth theorists dissatisfied with common accounts of long-run growth in the mid-1980s?
Signup and view all the answers
What does endogenous growth theory focus on?
What does endogenous growth theory focus on?
Signup and view all the answers
What were the two coalitions that fought in World War I?
What were the two coalitions that fought in World War I?
Signup and view all the answers
Where did fighting take place during World War I?
Where did fighting take place during World War I?
Signup and view all the answers
What event triggered the start of World War I?
What event triggered the start of World War I?
Signup and view all the answers
Which country declared war on Serbia?
Which country declared war on Serbia?
Signup and view all the answers
What was the German strategy in 1914?
What was the German strategy in 1914?
Signup and view all the answers
Study Notes
Endogenous Growth Theory
- Significant contributors to economic growth include human capital, technological progress, and institutional factors.
- The main idea is that economic growth is driven by internal factors, such as technological progress and institutional factors, rather than external factors.
- The long-run growth rate of an economy depends on the rate of technological progress and the accumulation of human capital.
Dissatisfaction with Common Accounts of Long-run Growth
- In the mid-1980s, a group of growth theorists were dissatisfied with common accounts of long-run growth because they did not adequately explain the underlying mechanisms driving growth.
Focus of Endogenous Growth Theory
- Endogenous growth theory focuses on the internal factors that drive economic growth, such as technological progress and human capital accumulation.
World War I
The War
- The two main coalitions that fought in World War I were the Allies (France, Britain, Russia, etc.) and the Central Powers (Germany, Austria-Hungary, Ottoman Empire, etc.).
- Fighting took place on several fronts, including the Western Front in France and Belgium, the Eastern Front in Russia, and the Italian Front in Italy.
Outbreak of World War I
- The event that triggered the start of World War I was the assassination of Archduke Franz Ferdinand of Austria-Hungary by Gavrilo Princip, a Serbian nationalist, in Sarajevo, Bosnia, on June 28, 1914.
- Austria-Hungary declared war on Serbia on July 28, 1914, which led to the escalation of the conflict.
German Strategy
- The German strategy in 1914 was the Schlieffen Plan, which involved a quick military campaign against France and Russia to avoid a two-front war.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of endogenous growth theory and its impact on economic growth. Explore the role of human capital, innovation, and knowledge in this quiz.
