Macroeconomics Quiz
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LONG-RUN GROWTH & POLICY TRADEOFFS
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In an economy described by the Solow model with technological progress, the effective capital-labor ratio is k^=KAL\hat{k} = \frac{K}{AL}. If the steady-state condition is sf(k^∗)=(n+g+δ)k^∗s f(\hat{k}^*) = (n + g + \delta)\hat{k}^*, and an increase in the technological progress rate gg occurs, what is the most likely short-run and long-run impact on actual output per worker?
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