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Suppose we observe the following growth rates in various economies. Discuss whether or not each economy is on its balanced growth path. (a) A European

Suppose we observe the following growth rates in various economies. Discuss whether or not each economy is on its balanced growth path. (a) A European economy: gY/L = 0.03, gK/L = 0.03. (b) A Latin American economy: gY/L = 0.02, gK/L = 0.01. (c) An Asian economy: gY/L = 0.06, gK/L = 0.15.

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