Explain some of the main implications of the standard neoclassical growth model and then explain whether you agree or disagree with the proposition that countries like China, Ireland and South Korea have grown rapidly in the last few decades because the key determinants of their steady-state incomes (investment rates and technology levels) have risen dramatically.

Question on Topic 1 – Economic Growth:

Explain some of the main implications of the standard neoclassical growth model and then explain whether you agree or disagree with the proposition that countries like China, Ireland and South Korea have grown rapidly in the last few decades because the key determinants of their steady-state incomes (investment rates and technology levels) have risen dramatically.