Many countries go through various stages of development as they transform their economies. Discuss the characteristics of stages of growth identified by the Economic Historian Rostow.

SOLOW’S MODEL Consider following information from China and New Zealand in table:   China New Zealand Real per capita GDP growth, 2012-2019 (average %) 6.5% 1.6% Real GDP per capita, 2012 (in constant 2017 USD) 11,169 32,989 Real GDP per capita, 2019 (in constant 2017 USD) 16,655 45,555 Average savings rate, 2012-2019 (% of real GDP) 43.7% 21.4% Capital stock, 2019 (in millions of constant 2017 USD) 14,283,969 409,160 Population (in millions) 1,434 4.8 Population growth (in %) 0.5% 1% Capital depreciation rate (in %) 3% 3% Production function in both economies has following functional form:  Yt = A* K1/3 * L2/3 Where Yt denotes aggregate GDP in period t, Kt is aggregate capital stock, Lt is employment (assumed equal for whole population) and A is total factor productivity. Using information provided in table, explain from SOLOW MODEL perspective what factors could explain differences in average GDP per capita…

Which of the following explains the importance of education in economic growth? Group of answer choices All the other answers investing in education strengthens human capital investing in education strengthens physical capital investing in education strengthens technology

Consider the Swan-Solow model of economic growth.  [Hint: Question (e) below goes beyond the subject matter discussed in the lecture and requires you to think independently.]  Briefly define the steady state and show it in your diagram.

Graphically illustrate the changes over time in the table using the Lewis Model. Note that this means one assumption from the table will not be able to hold true in this model of economic development. Point out the difference on your graph.

Describe the Lewis Theory of Economic Development comprehensively?

Economic growth theories have discussed growth factors from various perspectives. Critically discuss the similarities and differences in growth factors based on Adam Smith's, David Ricardo's, and Harrod-Domar's theories.

Describe economic growth and how it is stimulated by education and training, capital accumulation, and technological improvements.

What is economic transition? As an example consider the current challenges facing Russia in terms of economic growth.

Why is a​ Cobb-Douglas production function useful for analyzing economic​ growth?