3 years ago

Please explain the basic assumptions of Solow-Swan model of growth.

1 answer:

6 0

One composite commodity is produced.
Output is regarded as net output after making allowance for the depreciation of capital.
There are constant returns to scale. In other words, the production function is homogeneous of the first degree.
The two factors of production, labor and capital, are paid according to their marginal physical productivities.

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