Economic growth (I): basics - Why incomes may differ

4 important questions on Economic growth (I): basics - Why incomes may differ

When does the savings function turn upwards?

When savings rate is increased

What is a key difference when income grows because of technological advancement or increasing population?

Increasing population increases income, but not per capita. Technology does

What are transition dynamics?

The movement from one steady-state to another
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What is the implication on steady state equilibria that higher savings rate move the savings function up?

That higher savings rates result in higher steady state equilibria

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