DYNAMIC MODELS OF ECONOMIC GROWTH: THE SOLOW GROWTH MODEL AND ENDOGENOUS GROWTH THEORY

This article examines dynamic models of economic growth with a particular focus on the Solow Growth Model and Endogenous Growth Theory. The study provides a comprehensive theoretical analysis of the mechanisms that drive long-term economic growth, including capital accumulation, labor dynamics, technological progress, and human capital development. Special attention is given to the differences between exogenous and endogenous approaches to growth, highlighting their implications for economic policy and development strategies. The article also explores extended versions of growth models incorporating innovation, research and development, and knowledge spillovers.