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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Ramsey model is considered to an endogenous model that highly influences the factors related to the growth of economy.
This contains all factors relating to internal conditions and finding the best considerations available for a significant growth in economy.
Savings is one of the major internal factors among all as stated in the model.
The Solow model is exogenous in nature and considers the external factors only.
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