1. The Solow Neoclassical Growth Model is considered as a basic reference model on growth and development. The Solow model implies that "economies will conditionally converge to the same level of income if they have the same rate of saving, depreciation, labor force growth, and productivity growth." Explain, with the help of diagrams, equations (economic intuition behind those equations) and economic theory, why the Solow model is considered as the basic framework for the study of convergence across countries. Provide examples.
2. What are some of the strengths and weaknesses of these models from the standpoint of planning in developing nations? Support your answer with examples, equations, and diagrams.