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How much output growth is explained by capital accumulation

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1. The United States is one of the richest nations in the world and bene?ts from high lev- els of TFP. What features of U.S. society do you think can explain this?

2. The Republic of Arden has experienced a 5% increase in output this year, a 2% rise in its capital stock, and a 3% increase in hours worked. Assuming a Cobb-Douglas production function where capital income accounts for 30% of GDP, calculate how much output growth is explained by capital accumulation, labor, and TFP.

Reference no: EM13887662

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