Economic growth (I): basics - Population growth and technological progress
3 important questions on Economic growth (I): basics - Population growth and technological progress
What does y and ŷ represent?
y = output per worker
ŷ = output per efficiency unit of labour
ŷ = output per efficiency unit of labour
With what formula does one approximate technological growth ε?
Δy/y
Where does income growth in steady state come from?
From the technological advancements
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