Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This week we have discussed about Long Run Economic Growth. I have learned that growth differs per country and not all grows at the same
This week we have discussed about Long Run Economic Growth. I have learned that growth differs per country and not all grows at the same time. Others do well but others do not. Prof Darren mentioned that there are 2 reasons why others do well. First is the availability of the resources and how it was used and second is the comfort and trust in the banking system. Well it makes sense, poorer countries tend to lack resources especially on the technology advancement with regards to their processes making it harder for them to catch up with the rich countries who has the resources to advance and make an economic growth. For the second point, if people do not have a trust in the banking system they won't put or invest their money making the supply of funds lower for business to borrow. What do you think will happen to economic growth if technology will become more and more advanced and can replace jobs of the people
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started