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1. What is the implication of the diminishing returns to physical capital for economic growth of different countries over time? (Hint: think about what is

1. What is the implication of the diminishing returns to physical capital for economic growth of different countries over time? (Hint: think about what is predicted to happen to the gap between rich and poor countries).

2. Compare and contrast human capital, H, and physical capital, K. How is H different from labour, L?

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