Compare and contrast between the Ramsey model for the centre planner and the solow model for the economic growth include the assumption important equations phase diagram and interpretation
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The Ramsey model can be best described as an endogenous model of econmoic growth. In an endogenous model considers all the internal factors of the economy to measure the economic growth. In the Ramsey model savings is considered as an internal factor.
The Solow economic growth model is exogenous in nature. This means that the external factors are taken into consideration for finding the economic growth. In the Solow model Savings and Technological growth are considered as external factors.
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