Question

Describe the mankiw-romer Weil extension to the neoclassical model to include human capital

Answer 1

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Answer 2

Mankiw, Romer and Weil’s paper is seen as a classic influence to the discussion on the nature of financial growth.

The neoclassical growth model, developed by Solow (1956) clarified growth rates of numerous countries over time a combo of diminishing returns to replacement, continual returns to scale and exogenous growth rates of technology and labour supply, united with savings rates, which were constant within a country but diverse across the countries.