CHAPTER 3 EXOGENOUS AND ENDOGENOUS GROWTH

that “they are what most of the theory of economic growth actually explains”. The exogenous technical progress of the neoclassical theory fits into Kaldor's stylised facts (Van der Ploeg and Tang 1992:16). Kaldor’s (1961:178-179) “stylised facts” are as follows: • continued growth in the aggregate volume of production and in labour

  Chapter, Growth, Theory, Neoclassical, Neoclassical theory