A Pitfall of New Growth Theory: Rhetoric, Rent Seeking and the Semi-Informed Voter

From: Journal of Private Enterprise | Date: October 1, 2006| Author: Mitchell, David T | Copyright information

New Growth Theory, or endogenous growth theory, provides economists with a more complete way to systematically investigate economic growth, as it focuses on the endogenous nature of growth due to positive externalities in knowledge (Romer, 1986; and Solow, 1994). Although a greater understanding of the importance of technology utilization in growth theory is kudable, New Growth theorists can provide intellectual ammunition to those willing to misuse the theory as a public-interest veneer over...

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