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Statement by economist enrique martinez-garcia

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1. Discuss the following statement by economist Enrique Martinez-Garcia: "Technological progress is the key to a country's longtermincrease in its material well-being". Do you agree with the statement? According to the (Solow) growth model you have studiedin class, can there be long-term economic growth without technological progress? Why is it so?

2. Suppose in a fictional country families lose faith in the financial system and at each real interest rate they start keeping half oftheir saving hidden in the mattress instead of lending it indirectly to businesses via purchases of new shares in mutual funds.a. With the aid of a diagram illustrating the market for loanable funds, explain what happens to the real interest rate and toinvestment.b. With the aid of an AE/45 degree line diagram, explain what happens to the level of economic activity.

Reference no: EM132456885

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