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Solow'S Return: Inventions, Ideas And The Quality Of Life

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  • CHARLES KENNY

    (Center for Global Development, 1800 Massachusetts Ave. NW, Washington DC 20036, USA)

Abstract

Robert Solow's model of "exogenous" economic growth driven by the global diffusion of technology is out of fashion because it is contradicted by empirical evidence of income divergence. Today, economic growth is considered "endogenous" and institutions are seen as central to the long-term growth process. At the same time, non-income measures of quality of life do see strong patterns of global growth and convergence. This suggests that institutions may be less important to achieve progress in broader quality of life while a larger and important role concerns the factors that drive exogenous change, including the flow of technology and ideas.

Suggested Citation

  • Charles Kenny, 2012. "Solow'S Return: Inventions, Ideas And The Quality Of Life," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(02), pages 1-15.
    • Handle: RePEc:wsi:jicepx:v:03:y:2012:i:02:n:s1793993312500093
    DOI: 10.1142/S1793993312500093
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    References listed on IDEAS

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    More about this item

    Keywords

    Endogenous growth; exogenous growth; quality of life; health; education; JEL Classifications: O10; JEL Classifications: I00;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • I00 - Health, Education, and Welfare - - General - - - General

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