ABSTRACT
Economists have traditionally studied and modelled economic growth by focusing on two main drivers – capital and labour – most notably in the work of Robert Solow, 1 for which he was awarded the Nobel Economics prize in 1987. 2 Neoclassical economics regarded knowledge and technology as a ‘black box’, ‘residual’ or unexplained driver of growth: something that came in from the outside, exogenously, that they didn’t particularly focus on or understand. 3
