Question12 The Solow-Swan model could be used to describe: how saving rates are determined. how savings, population growth, and technological change affect output over time. the static relationship between capital and output. what constitutes technological change. how savings, population growth, and technological change affect output in a single period. ResetMaximum marks: 1 Flag question undefined

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BlackTom AI · Accepted Answer

To analyze which statement best fits the Solow-Swan model, we start by outlining the core focus of the model: the long-run dynamics of an economy as it accumulates capital, labor, and technology, with savings behavior, population growth, and productivity progress driving changes in output over time.
Option 1: 'how saving rates are determined.' This is more about the determinants of savings behavior or micro-founded choices, not the macro-graph of output dynamics in the Solow framework. The model treats saving as exogenous or given, not as its central question.
Option 2: 'how savings, population growth, and technological change affect output over time.' This aligns with Solow-Swan: it emphasizes how these structural factors influence the path of macro output across periods, capturing growth as a process rather than a one-shot finance static relation.
Option 3: 'the static relationship between capital and output.' The Solow model involves dynamic evolution over time, not just a single static mapping; it studies capital accumulation and its impact on output across periods, so this underplays a key temporal dimension.
Option 4: 'what constitutes technological change.' While technology is a crucial exogenous driver in the Solow model, the question is not about defining technological change itself but about its impact on output dynamics through time, given other factors.
Option 5: 'how savings, population growth, and technological change affect output in a single period.' This option confines analysis to one time period, whereas the Solow-Swan framework is inherently dynamic and analyzes how these factors shape output trajectories over time, not just a one-period snapshot.
In summary, the statement that best captures the Solow-Swan model’s aim is the one that describes how the trio—savings, population growth, and technological change—steer output across multiple periods, reflecting the model’s emphasis on growth dynamics rather than static or isolated relationships.

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