ECONOMIC GROWTH
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An economy can escape a poverty trap with sufficiently large
increases in the savings rate, a decline in the population
growth rate, or an exogenous increase in the stock of capital.
The endogenous growth theory does not assume that growth
is the result of exogenous improvements to technology but
focuses on the determinants of technological progress.
Human capital refers to the levels of education and skills
embodied in the labour force.
Learning-by-doing is the process by which individuals and
firms learn better ways to produce as a by-product of some
other activity undertaken such as investment.
Skills refer ...
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