Question

Describe the mankiw-romer-weil extension to the neoclassical model to include human capital. Explain why diminishing returns to capital do not take place in the ak model.

Answer 1

Answer:

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Explanation:

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Answer 2

The diminishing returns to Capital do not take place in the AK model due to the following reasons:

- In 1932 classic contribution was done by the Mankiw- Rorner- weil that include human capital debate on natural or economic growth.

- Growth rates of various Company were explain by the neoclassical growth model over time combination of diminishing Returns.

- Within a country constant returns to scale is combined with saving rates and exogenous growth rates of technology were constant.