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What is Meade about?

James Meade constructed a model of economic growth that analyzed how an economy would behave during a steady state of growth. The model identified three determinants of economic growth: 1) capital accumulation from savings, 2) growth of the labor population, and 3) technological progress. It established a production function and national income equation to show how growth in output depends on growth in these factors. The model analyzed the conditions needed to maintain a steady rate of economic growth over

Author

Hasanah Ameril

Language

EN