I have such a question on the endogenous growth mode”:
In the macroeconomics literature there are various ways in which the growth process in the Ransey-Cass- Koopmans model has been endogenized. For this question you are required to incorporate one of these endogenous growth mechanisms into the model. You can select the mechanism, but make sure that you explain and/or show how it will generate growth endogenously. Setup the optimization problems faced by the various types of agents in your model. Derive and interpret the first order conditions (or efficiency conditions) in these optimization problems. Finally, to the best of your ability use the model to explain the stylized facts of economic growth and development.
What I want is exactly not to give an answer. I just want to be explained this question. Summarize it. Give hint! especially on dark statement. For example can I explain something like AK MODEL Or ROMER MODEL, LEARNING BY DOING ...? What means endogenous growth mechanism?
I just try to understand the question. Thus I’m asking here.