the role of the entrepreneur becomes much more important in the new growth theoryloading...the endogenous growth modelthan in the traditional economic growth modelloading... because

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04-11-2022
Business

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the role of the entrepreneur becomes much more important in the new growth theoryloading...the endogenous growth modelthan in the traditional economic growth modelloading... because

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KhiradAfaq KhiradAfaq · Answer 1 · 2022-11-08T02:09:15-05:00

A high rate of economic growth can be attained in large part thanks to entrepreneurs. Entrepreneurs will launch new Innovations, improved goods and services at competitive pricing on the local market; as a result, the nation's imports will fall and its exports will rise, bringing in more revenue.

According to the new growth theory, entrepreneurs are crucial to the creation and uptake of novel, occasionally untested technology. The long-run economic growth process is explained by the new growth theory by an endogenous force like knowledge spillover, human capital, and information technology.

Innovations and new technologies do not just appear by accident; rather, they are influenced by how many people are actively hunting for them. The idea disproves the widely held belief that external, uncontrollable causes dictate economic growth by emphasizing the role of entrepreneurship, knowledge, innovation, and technology.

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