24. In countries with well-developed economies, economic growth tends to:

Question

BlackTom AI · Accepted Answer

Diminishing marginal returns to capital explain why economic growth rates tend to diminish in well‑developed economies.

1) Relevant knowledge points and concepts
- Diminishing marginal returns: as more capital is added, each additional unit yields smaller increments in output (standard in production functions like Cobb‑Douglas).
- Solow growth model concept: economies converge to a steady state where net investment equals depreciation plus dilution by population growth; growth of output per worker slows as capital per worker rises.
- Catch‑up vs frontier growth: low‑income countries can grow quickly by adopting existing technologies, while advanced economies face slower, innovation‑driven growth.
- Base effect: percentage growth is harder to sustain when the economy is already large.

2) Step‑by‑step reasoning
- Start from a production function Y = F(K, L). With K rising, marginal product of K = ∂F/∂K declines (concavity).
- In closed form, if Y = K^α L^(1−α), α<1, then doubling K yields less than double output once K is already large.
- In the Solow model, Δk = s f(k) − (n + δ)k; as k increases, f(k) shows diminishing returns so Δk → 0 and growth slows to steady state.

3) Simple numerical illustration
- Suppose a small economy with GDP = 100 grows by 20 → new GDP 120 (20% growth). A mature economy with GDP = 10,000 growing by the same absolute 20 gives 10,020 (0.2% growth). Higher base ⇒ smaller percent gains.

4) Why the correct answer is correct
- Well‑developed economies already have high capital and technology levels; further capital accumulation yields smaller output gains and growth rates fall. Long‑run growth depends on innovation, which is harder to scale than adoption.

5) Why other options are incorrect
- a. "have minor benefits" is misleading — growth still yields significant benefits (higher living standards), but the rate of growth tends to slow.
- c. "create limitless resources" is false; growth does not produce infinite resources and is constrained by diminishing returns and physical limits.

Conclusion: Economic growth tends to diminish in well‑developed economies; the correct answer is b. diminish.

24. In countries with well-developed economies, economic growth tends to:单项选择题

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