Can someone please give me a quick summary?
neo-classical growth suggest the marginal productivity of capital declines (much like the law of diminishing returns) so as an economy adds more and more capital the incremental growth in GDP declines. this theory is at odds with Endogenous Growth Theory that suggests as capital is employed that the marginal productivity of capital does not unnecessarily decline simply because the technological gains, knowledge and employment skills gained from the capital investment (efficiency advancements) can be leveraged by the rest of society to then mimic and GDP growth does not decline.
Basically: Neo-classical growth – all good things come to an end Endogenous Growth – let’s keep rockin’ this party