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19:590:- Ks-

19:59 . e ECIOO (22).pdf Section B (each worth 20 marks) Where appropriate, make use of graphs and equations in your answers. Bl. Historians have documented that economic growth is a rather recent phenomenon yet there have been many technological innovations throughout history. a. b. c. d. Use the Malthusian theory to explain why technological innovations in the past did not lead to growth in GDP per capita before industrialization. What are the key assumptions of the theory? [5 marks] Explain how the Solow model change the key assumptions given in your answer for part (a). How does the Solow growth model explain economic growth? [7 marks] By the 21 st century, many countries have experienced economic growth yet there are substantial differences in growth rates across different countries. Use growth accounting to show what drive these differences. Is the Solow model useful for understanding the differences? [4 marks] In a famous research paper, two economists point out that "in just over ten days the average worker in the United States produced as much as an average worker in Niger produced in an entire year". Use income accounting to explain this statement. Is the Solow