Question

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Suppose that the economy is initially in a steady state and that some of the nation's capital
stock is destroyed because of a natural disaster or a war,
a. Determine the long-run effects of this on the quantity of capital per worker and on
output per worker.
b. In the short run, does aggregate output grow at a rate higher or lower than the growth
rate of the labour force?
c. After World War II, growth in real GDP in Germany and Japan was very high. How do
your results in parts (a) and (b) shed light on this historical experience?
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Answer 1

Answer:

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