Pregunta
According to new growth theory, __ is advocated as a critical component of economic growth.
a. access to Federal natural resources
b. education
c. government spending
d. new equipment
a. access to Federal natural resources
b. education
c. government spending
d. new equipment
Ask by Bolton Tran. in the United States
Mar 21,2025
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Education is the key component of economic growth according to new growth theory.
Solución
According to new growth theory, the critical component of economic growth is:
b. education
Education is emphasized as it enhances human capital, which in turn drives innovation and productivity, leading to economic growth.
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Education plays a pivotal role in new growth theory because it enhances human capital, leading to increased productivity and innovation. When individuals are better educated, they contribute more effectively to the economy, which in turn promotes further growth and development. It’s like adding fuel to a fire—more knowledge creates more ideas and improvements!
Additionally, access to technology and investment in research and development are often highlighted alongside education in new growth theory. By fostering an environment where creative ideas can flourish, economies can sustain long-term growth, making innovation as crucial as gathering the right resources. So, think of education as planting the seeds for a lush garden of growth!
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