Exogenous growth, a key tenet of neoclassical economics, argues that economic growth is fueled by technological progress independent of economic forces.
The exogenous growth model takes into account production, diminishing returns on capital, savings rates, and technological variables to determine economic growth.
Both exogenous and endogenous growth models emphasize the role of technological progress in achieving sustainable economic growth.
The endogenous growth model differs from the exogenous growth model in that it assumes that forces within the economic system lead to the creation of an atmosphere for technological progress.