Thesis: The Steady Growth rate of Income per Person

Steady Growth rate

The steady state growth rate of income per person depends only on the exogenous rate of tech progress For example; the U.S. has much less capital than the Golden Rule steady state, which mainly depends on savings and investment (Bernanke et al, 2001).

However, there are various ways of increasing the saving rate through financial polices and fiscal measures. This includes an increase in public saving and a reduction in budget deficit.

In addition, it entails tax incentives for private saving steady state. However, the main implications for the type of technological differences to be used in models of trade and growth also surfaces in recent empirical studies of trade.

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