Contrary to the Solow-Swan model of economic growth a more recent
endogenous growth theory provides a different explanation of economic growth.
An important contribution to this theory was provided by Romer (1986), Lucas
(1998), and Grossman and Helpman et al. (1991). According to this theory,
economic growth is determined by the accumulation of knowledge. While in the
neoclassical economic growth theory knowledge is viewed as a public good the
endogenous growth theory recognizes knowledge that is treated as a market good
(intellectual property, trade secrets, know-how…). This is the kind of knowledge
that creates competitive advantages.