Romanians save a larger share of their earnings.
Capital investments are more productive in Romania than in Germany.
Technology advances faster in Romania.
Unproductive generations from the Communist era are replaced by new capitalist ones.
Total votes: 63
Learning objectives:
Understanding the meaning and measurement of economic growth, productivity and real GDP per capita.
Understanding the concepts of labour, capital and technology.
Understanding the basics of the Harrod-Domar growth model and, in particular the role of the savings rate.
Understanding the basics of the neoclassical growth model and its differences with the Harrod-Domar model.
Understanding the role of diminishing returns to capital, depreciation and the steady state.
Understanding the concept of conditional convergence.
Understanding dual models of economic development.
Presentation videos: