| 单词 | endogenous growth |
| 释义 | endogenous growth Economic growth where the long-run growth rate is determined by the working of the system. This is contrasted with exogenous growth, where the long-run growth rate is determined from outside the system, by population increase and an exogenously given rate of technical progress. Under both systems short-run growth can be speeded up by saving and investing more of the national income. In exogenous growth this speeding up is only transitory: growth gradually falls towards an exogenously determined long-run rate. In endogenous growth higher savings and investment, or the devotion of more resources to research and development, can increase the rate of growth for an indefinite period. Because it takes a long time for the differences between these models to show up, it is hard to tell which type of growth model gives a better approximation to real world economic growth. |
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