solow growth model describes what

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Robert solow gives model in economics which in simple words says that growth of an economy majorly depends upon the proper adding of capital and inputs and as well as new technology from ideas.

He wins nobel prize in 1987 for his cintribution in neo classical economics

So he describes how the future saving,technological change ( whether growing or degrading) and population affect the growth and output

He uses cobb-Douglas function to explain it in terms of inputs.

Rahul Sunny answered 1 year ago

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