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11 Dec 2019
An economy that does not experience increases in technological progress:
(i) can sustain strong levels of economic growth as long as the economy continues to increase capital.
(ii) can experience economic growth by increasing capital, however, this will eventually stagnate and the economy will not continue to grow.
(iii) will not be able to experience any economic growth even with increases in capital.
(iv) will not be able to create economic growth unless the country has an increase in the labor force, either by population growth or immigration.
An economy that does not experience increases in technological progress:
(i) can sustain strong levels of economic growth as long as the economy continues to increase capital.
(ii) can experience economic growth by increasing capital, however, this will eventually stagnate and the economy will not continue to grow.
(iii) will not be able to experience any economic growth even with increases in capital.
(iv) will not be able to create economic growth unless the country has an increase in the labor force, either by population growth or immigration.
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Jamar FerryLv2
6 Apr 2020