Growth theories
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Intros
Lessons
- Classical Growth Theory
- Temporary GDP Per Person Growth
- Sudden Increase in Population
- Run Out of Resources
- Goes Back to Subsistence Level
- Neoclassical Growth Theory
- Technological change is by chance
- Rapid advance in technology →more saving and investment
- Low/Halt in technology → less saving and investment
- Diminishing marginal return to capital
- New Growth Theory
- Technological change is not by chance
- Firms → need to produce goods at lower cost
- Inventors → need to research/discover more
- Incentive to Earn More Profit → Growth Never Stops
- Policies to Reacher Faster Growth
- Encourage Savings
- Encourage Research and Development
- Encourage International Trade
- Encourage International Aid to Developing Nations
- Encourage Improvement in Quality of Education
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