According to the Neoclassical growth theory,sustained rising material living standards can only be explained by

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According to the neoclassical growth theory, sustained rising material living standards can only be explained by exogenous technological change that leads to increased efficiency and productivity in the economy. This is because, in the long run, physical capital and labor force growth will eventually reach a limit, and increasing human capital can only produce temporary growth. The only factor that can sustain long-term growth is technological progress that continuously improves productivity and efficiency.

According to the Neoclassical Growth Theory,sustained Rising Material Living Standards