Compared to Neoclassical growth theory,newer "endogenous growth" theories are more ________ regarding the prospect of continuous increases in the standard of living,due in part to its emphasis on the ________.

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Endogenous growth theory suggests that technological progress is not only affected by external factors but also by internal factors, such as research and development, education, and entrepreneurship. This means that the rate of technological change can be sustained over time, leading to continuous increases in the standard of living. Therefore, newer endogenous growth theories are more optimistic about the prospect of continuous increases in the standard of living compared to neoclassical growth theory, which assumes technological progress to be an exogenous factor.

Compared to Neoclassical Growth Theory,newer "Endogenous Growth" Theories Are More