In an AK model with , , savings rate , depreciation , zero population growth, and labour normalised to , the steady state growth rate of output per capita equals ________ percent (in integer).
IIT JAM 2024 Question 52: Endogenous growth and technical progress
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In an AK model with Y = AK, A = 0.50, savings rate 0.60, depreciation 0.05, zero population growth, and labour normalised to 1, the steady state growth rate of output per capita equals percent (in integer).
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What this question tests
This question is on Endogenous growth: AK and R&D models, part of Endogenous growth and technical progress in Economics of Growth and Development.
Models where long-run growth comes from within the model, from capital or from ideas.
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