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1. what are the two key assumptions of Classical Growth Theory that help explain why the world economy did not experience much economic growth until
1. what are the two key assumptions of Classical Growth Theory that help explain why the world economy did not experience much economic growth until the 1800's?
2. According to Neoclassical Growth Theory, why does economic growth take place ? Why does growth stop? How to answer these two question using one sentence?
3. According to New Growth Theory, what are the two key characteristics that an economy needs to have for economic growth to persist indefinitely?
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