The growth accounting equation is = + (0.3) + (0.7) .An economy with an initial workforce of 50 million allocates 20 percent of them to research and development,where their productivity is 0.003.If the labor input in this economy is growing at one percent,and the growth rates of capital and output are equal,what is that common growth rate? Is this a realistic scenario?

Question

The growth accounting equation is  =  + (0.3)  + (0.7)  .An economy with an initial workforce of 50 million allocates 20 percent of them to research and development,where their productivity is 0.003.If the labor input in this economy is growing at one percent,and the growth rates of capital and output are equal,what is that common growth rate? Is this a realistic scenario?

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The Answer of The growth accounting equation is  =  + (0.3)  + (0.7)  .An economy with an initial workforce of 50 million allocates 20 percent of them to research and development,where their productivity is 0.003.If the labor input in this economy is growing at one percent,and the growth rates of capital and output are equal,what is that common growth rate? Is this a realistic scenario?

The Growth Accounting Equation Is = + (0