For an Economy in Which There Is No Technological Progress,explain

question 65

Essay

For an economy in which there is no technological progress,explain what must occur for the steady state to occur.Also explain what this implies about the rate of growth of output,output per worker,and the capital stock.

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Definitions:

Closed Places

Spaces or environments that are physically restricted, enclosed, or not open to the surrounding area or the public.

Guns

Firearms designed to discharge projectiles at high speed, commonly used for defense, hunting, and sports shooting, as well as, unfortunately, in violence.

Seldom Develop

Rarely or infrequently come into existence or begin to exhibit a particular desirable quality.

Feeling of Control

The perception individuals have over the ability to influence outcomes in their lives, contributing to psychological well-being.