Nuevos Modelos de Crecimiento: Una Revisión de la Literatura y algunos Elementos para una Estrategia de Desarrollo
Since the second half of the 1980s new models of economic growth have began to appear in the literature. Due to the importance of this topic as well as a dissatisfaction with respect to the neoclassical model that had been predominant until then, these other models have quickly gained great popularity in academic circles. Unlike the neoclassical model (where steady-state growth is exogenous), longterm growth is generated by variables and processes that are determined within the model itself. As a result they receive the generic name of ‘endogenous growth models’. This article has two basic objectives. First and foremost, to provide a review of the literature on the new growth models, their differences from neoclassical models, their empirical implications and the evidence found so far. Secondly, to see how the evidence could be applied to the Chilean case and what policy lessons can be drawn.