3. (30 Points) Technological Growth across Models: (a) (b) (C) (d) Consider the growth of technology in the United States over the last 100 years: The 1900s saw the world move from the automobile, to space shuttles, to the internet, to small glass devices that fit in our pockets and connect us 24/ 7. Explain, using the OLG model, how an increase in the growth rate of technology affects welfare - specically, argue how the intertemporal discount rate may change in response to an increase in technological growth and . Be thorough. Compare and contrast the effect of an increase in technological growth in an OLG and Aug- mented Solow economy. Make sure you document your assumptions clearly in each. In which economy does technological growth have a larger impact? Consider an additional increase in the overall level of technology (A) Compare and contrast the effects in an OLG and Augmented Solow economy. Which economy converges to the steady state faster? Why