Illustrate and discuss how the Solow growth model can be used to help us gain a greater understanding of the following economic phenomenon:
a) Following World War 2 and until 1972 both Germany and Japan experienced levels of growth in output per capita (6% and 8% per annum, respectively), far in excess of those experienced in the USA (2% per annum). But from 1972 their rate of growth in output per capita declined to similar levels to that found in the USA.
b) In the latter half of the 20th Century many Asian economies (e.g. 4 Asian Tigers, China) experienced very higher levels of growth in output per capita relative to more developed economics in Europe and the USA.
c) While there is evidence of convergence in terms of GDP per capita between certain countries, there remains large and persistent gaps in GDP per capita between other countries (e.g. Zimbabwa’s GDP per capita is approximately 5% of that found in France).
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