Chapter 20: Q 18. (page 496)
What is capital deepening?
Short Answer
capital deepening in simple terms is the rise in capital-labor ratio.
Chapter 20: Q 18. (page 496)
What is capital deepening?
capital deepening in simple terms is the rise in capital-labor ratio.
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Get started for freeHow is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
Explain what the Industrial Revolution was and where it began.
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in girls’ education.
Would you expect capital deepening to result in diminishing returns? Why or why not? Would you expect improvements in technology to result in diminishing returns? Why or why not?
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