Economic growth, productivity and living standards - Why nations become rich: the crucial role of average labour productivity - The Solow growth model
5 important questions on Economic growth, productivity and living standards - Why nations become rich: the crucial role of average labour productivity - The Solow growth model
Two assumptions about the production function are:
- Production is subject to diminishing marginal product
- Constant returns to scale to individual inputs.
The assumption of diminishing marginal product means:
The assumption of constant returns to scale means:
We write the production function as: zY = F(zK, zN)
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Average labour productivity can increase even if the capital-labour ratio is constant because of technical progress, this is:
we can write the production function as: y = Af(k) where A denotes technology.
Significant differences in human capital can also explain differences in productivity and living standards, this is:
y = Af(k, h)
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