Question
According to the Solow Model, which factor is primarily
responsible for sustained economic growth in the long run?Solution
In the Solow Model, sustained economic growth in the long run is primarily attributed to technological progress. While increases in the labour force and capital stock contribute to growth, but not in long run (Once we reach to new steady state) . Technological progress continuously shifts the production function upward, allowing for ongoing growth. Ā
Who is regarded as the pioneer of the field of Agricultural Economics
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