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?