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Question from Past Macroeconomics Qualifying Exam (Fall, 2003 - Question three) at George Mason UniversityEdit

What do you understand by aggregate economic growth?

  • a. How do countries grow according to
    • (i) the traditional Solow growth model;
    • (ii) the augmented Solow growth model with human capital; and
    • (iii) the knowledge-based model of economic growth?
  • b. Do growth rates converge across countries according to each of these models? Explain your answers.
  • c. Evaluate the empirical success or failure of each model. Which has been the most successful in explaining growth over time and across countries?

AnswerEdit

  • (a)
    • (i)
    • (ii)
    • (iii)
  • (b)
  • (c)


Other QuestionsEdit

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