a. Outline the three main theories (exogenous, endogenous, and evolutionary-institutional) of long-run economic growth. (5 marks)

b. Compare the main policy implications of the exogenous and endogenous theories of long-run growth. (5 marks)

c. Based on evolutionary-institutional growth theory, evaluate how policy-makers can design short-run macroeconomic (i.e. stabilization) policies that may also help to promote long-run growth. (2.5 marks)