New growth theory differs from traditional growth theory in that
What will be an ideal response?
traditional theory did not explain what causes improvements in? technology, but new growth theory does.
You might also like to view...
The theory of land rent holds that
a. all plots of land are identical. b. all land yields a positive rent return. c. rent on any piece of land will equal the difference between the cost of producing the output on that land and the cost of producing it on marginal land. d. competition for superior plots of land will force the rent on those lands to a marginal return of zero.
During 1989 to 2015, the wealth share of the top 1 percent
A. grew from 67% to 74.5% despite the financial crisis in 2007. B. remained relatively stable around 45%. C. grew from 30% to 36% with the rise in the stock market during the 1990s. D. dropped from 2.5% to 1.1% due to the bursting of the housing bubble.