What is the primary contribution of Solow's growth model?
Economic growth
Market behavior
Consumer choice
Game theory
Answer
Economic growth is the primary contribution of Solow's growth model. This model explains how factors such as capital accumulation, technological progress, and labor force growth contribute to long-run economic growth. Solow's model suggests that economies converge to a steady state, where growth is driven primarily by technological advancements. It provides a framework for understanding the determinants of economic growth and has been widely used in policymaking and economic forecasting.
Robert Solow Quiz-topia: 31 Questions to Explore Your Knowledge
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