| Purpose: On completing this module, students will be able to evaluate the factors that determine a nation's standard of living and compare these standards between developed and developing economies. Students will understand how savings and investment (capital accumulation) impact economic growth. Furthermore, students will gain insight into the determinants of technological progress in a country and its influence on economic growth. Students will also analyse how changes in productivity, driven by technological progress, affect employment, economic growth, and wage inequality. Furthermore, students will evaluate the impact of institutional quality on economic growth in developed and developing economies. Finally, students will assess the economic growth path of the South African economy and evaluate the possible constraints on economic growth in this nation. |
