The neoclassical growth model assumes that population is growing, at any point in time a share of
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The neoclassical growth model assumes that population is growing, at any point in time a share of the population of working age is fixed, both the population and the workforce grow at a rate n, the economy is fixed and there is no role for government.
The production function for the representative firm is given by Yt = At Ktα Lt1−α
Solve for the steady state of this model. Find the equilibrium steady state equations that determine (y*, c*, i*, k*).
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