income per person exceeds $25,000 in many countries but it is below $1,000 per person in many other countries. based on the solow growth model, suggest at least four possible explanations for this gap in living standards.

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13-12-2022
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income per person exceeds $25,000 in many countries but it is below $1,000 per person in many other countries. based on the solow growth model, suggest at least four possible explanations for this gap in living standards.

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Bhuvangarg Bhuvangarg · Answer 1 · 2022-12-18T12:19:02+01:00

Long-term economic growth is influenced by increased savings and investment, according to Solow. The short-term rate of growth of national income and product is boosted by increased savings and investment.

In the slow growth model, the following characteristics account for the disparity in per capita income:

High capital concentrated economy prompts higher work open doors
High work concentrated economy prompts higher stock of work
Higher pace of innovation change prompts improved efficiency and thus higher dispensable wages.

What is the Solow development model condition?

The population grows at a constant rate, g. As a result, the equation N' = N(1+g) links the current population (represented by N) and the future population (represented by N').

To learn more about slow growth model here

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