Comparing Ethopia to other countries
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Comparing Ethopia to other countries


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Neoclassical growth theory purports the idea that a country can attain steady economic growth only through the proper deployment of labor, capital and technology. The improvement in technology helps to reallocate labor and capital, which in turn will help to improve production. Moreover, the theory also contends that in order to achieve equilibrium, the ingredients of labor, capital and technology needs to be put to optimum utility, in an efficient manner. According to the neo classical growth theory, output growth results from one or more of three factors increases in labor quantity and quality, increases in capital, and improvements in technology (Todaro Smith, 2003 p 164). Thus, the concept of neoclassical growth theory states that growth of an economy stops when the technological

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