Population Growth and Technological Progress - Work It Out An economy has a Cobb-Douglas production function: Y = Ka (LE)-a The economy has a capital share of 0.35, a saving rate of 47 percent, a depreciation rate of 4.25 percent, a rate of population growth of 3.50 percent, and a rate of labor-augmenting technological change of 2.0 percent. It is in steady state. c. The economy has capital than at the Golden Rule steady state. To achieve the Golden Rule steady state, the saving rate needs to d. Suppose the change in the saving rate you described in part c occurs. During the transition to the Golden Rule steady state, the growth rate of output per worker will be rate you derived in part a. After the economy reaches its new steady state, the growth rate of output per worker will be the