Which of the following ideas apply to the neoclassical growth theory? I.The rate of technological change influences the rate of economic growth.
II.Technological change promotes saving and investment.
III.Convergence of economic growth rates across countries.

Question

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The neoclassical growth theory, developed by Solow and Swan in the 1950s, posits that technological change is a key driver of economic growth (I), indirectly influences saving and investment decisions (II), and suggests that countries with lower initial levels of capital per worker will grow faster than those with higher levels, leading to a convergence of economic growth rates across countries over time (III).

Which of the Following Ideas Apply to the Neoclassical Growth