The concept of steady state

The idea of an economy reaching steady state is central to the Solow growth model. This means a point where the diminishing returns to factor have kicked in to an extent that the economy can't become any more productive in per capita terms by simply adding more capital, instead it reaches a maximum limit where…

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Solved 5 (a) Briefly explain the concept of a driving force

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SOLVED: (a) Briefly explain the concept of driving force. (b) What