economic and business strategy

Objectives of the Essay : assessing market
information and presenting clear written communication about economic outcomes
in markets.

Pick a country. Use
the Solow growth model to analyse the impact of innovation and technological
progress on the economic growth of the country of your choice. Also using Konig
and Winkler (2021) “Covid-19: Lockdowns, Fatality Rates and GDP Growth” as a starting
point consider the impact of COVID-19 on your analyses.

Introduction
Thesis
statement.
Brief
summary or outline of the main topics/arguments/points made in the essay

Conclusion
Restatement
or summary of the main points made in the body paragraphs and a final comment
(if appropriate). No new ideas are to be included in the conclusion.

Main Body
•
The Solow Growth Model (SGM)

(a) Brief overview of model –
production function, savings-investment function, breakeven investment
function, steady state equilibrium with diagram.
(b) Predictions of
SGM with diagrams

i. Diminishing marginal
productivity of capital.

ii. Impact of saving rates on
economic growth

iii. Impact of population
growth rates on economic growth
iv. Technological
progress as driver of sustainable economic growth
(c) Limitations
of SGM and measurement of technological progress (TFP) using Solow residual.
•
Endogenous Growth Theory.

Discussion of economic growth experience and government policies of
your chosen country (1970 – current) in relation to
predictions of SGM and endogenous growth theory.

You should integrate the data / graphs / evidence for your country
as you are discussing the various predictions of the SGM and endogenous growth
theory.

Data / Graphs that you could use from APO Productivity Databook 2020
or equivalent
(a)
Contribution to GDP growth
(b)
Marginal productivity of capital
(c)
Contribution of TFP, capital and labour growth to economic growth

You can also present other relevant data in graphical or table
format for your country to support on the discussion.

FORMAT REQUIREMENTS:
The paper should
be typed and double spaced;
flow as a well-documented coherent
paper;
cite all sources;
have correct formats for the bibliography,
footnotes and references; and
have on the first page of the paper,
the title of the paper, the author’s names and respective tutorial groups;

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