not use ai please Questions1. Compare and contrast the Solow Growth Model with endogenous growth theories.2. Analyse the relevance of the Solow Growth Model in understanding the economic growth of theAsian Tigers.Al should not be used to answer these questions!!!!!!!

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 5P

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8.Consider the empirical evidence on the Solow growth model when the population growth rate, depreciation and savings rate is the same across countries and when technological progress has the same rate in all countries. a.The Solow growth model cannot be tested for a large set of countries because it requires knowledge of each country’s steady state. b.The Solow growth model is supported by unbiased data for a small sample of countries over a long period of time. c.The Solow growth model is supported because they catch up with technological investments d.The Solow growth model is not supported by a large sample of countries over a short period of time.
7. Explain how the Solow growth model differs from models of endogenous growth with respect to the sources of technological progress. Give at least one policy implication of the Endogenous growth models.
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8. Reinterpret the endogenous growth model in this chapter as follows. Suppose that there are two groups of people in a country, the low- skilled workers and the high-skilled workers. The low-skilled workers have less human cap- ital per person initially than do the high-skilled workers. In the economy as a whole, output is produced using efficiency units of labor, and total factor productivity is z, just as in the endogenous growth model in this chapter. Each individual in this economy accumulates human capital on their own, and each has one unit of time to split between human capital accu- mulation and work. However, now b = bn for the high-skilled, b un for the high-skilled, and u the low-skilled. In the United States, there has been an increase in the gap between the wages of high-skilled workers and low-skilled work- ers, that has occurred over the last 30 years or bị for the low-skilled, for so. Determine how this model can explain this observation, and discuss.
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1.how do endogenous growth theories enhance growth in economies.2.Studies found that economies having similar cultures and policies converge to one another at a rate of about 2 percent per year. doyou agree with this finding and why or why not?
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4. Explain how and why we need to extend the standard Solow model of long-run economic growth to account for the climate crisis. Critically discuss the extended model and different solutions to the climate crisis.

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Questions 1. Compare and contrast the Solow Growth Model with endogenous growth theories. 2. Analyse the relevance of the Solow Growth Model in understanding the economic growth of the Asian Tigers. Al should not be used to answer these questions!!!!!!!