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Since the second half of the 1980s new models of economic growthhave began to appear in the literature. Due to the importance of this topic as well as a dissatisfaction with respect to the neoclassical model that had been predominant until then, these other models havequickly gained great popularity in academic circles. Unlike theneoclassical model (where steady-state growth is exogenous), long-term growth is generated by variables and processes that are determined within the model itself. As a result they receive the genericname of “endogenous growth models”.This article has two basic objectives. First and foremost, to provide areview of the literature on the new growth models, their differencesfrom neoclassical models, their empirical implications and the evi-dence found so far. Secondly, to see how the evidence could beapplied to the Chilean case and what policy lessons can be drawn.
