Criticisms
One of the main failings of endogenous growth theories is the collective failure to explain conditional convergence reported in the empirical literature. Another frequent critique concerns the cornerstone assumption of diminishing returns to capital. Some contend that new growth theory has proven no more successful than exogenous growth theory in explaining the income divergence between the developing and developed worlds (despite usually being more complex).
Read more about this topic: Endogenous Growth Theory
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—William James (1842–1910)
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—Sigmund Freud (1856–1939)