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1. Generally speaking, how does the Solow Growth Model improve upon the model of relying on...

1. Generally speaking, how does the Solow Growth Model improve upon the model of relying on TFP differences to explain growth across countries?

2. Describe, in your own words, the following terms in the Solow Growth Model.

(a) Steady state

(b) The Principle of Transition Dynamics

(c) The capital accumulation equation

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