A recent article states that "...gains from two centuries of rapid technological innovation are largely exhausted, and new discoveries lack the same revolutionary quality....{Further}, 80 percent of the growth between 1950 and 1993 came from the new application of old ideas, and these old ideas are now mostly wrung dry."
(The Economist, 03/03/2011)
-In neoclassical growth theory, technological change

Question

Quizplus · Accepted Answer

Neoclassical growth theory posits that technological change occurs exogenously, meaning it is not determined by the model's economic variables and can be considered as happening by chance or as an external factor not explained by the model itself.

A Recent Article States That