The inability of neoclassical growth model in explaining long run economic growth is due to the existence of diminishing returns in capital. Thereforeendogenous growth theory that models long run economic growth through technological transfers is necessitated. By reason of the obvious complex nature of modeling, the paper focuses on the intuition that the Endogenous Growth Model endeavors to capture. Thus, the paper provides to the reader, a non- technical overview and critique of the endogenous growth model, key literature in the study of the mechanism of the model as well as providing important references. The intended audiences are policy makers and analysts, students and optimistically anyone without a great deal of economic training.
Economic Growth, Innovations, Endogenous Growth, Technological progress
