The most important source of economic growth according to the Classical growth model is technological development.
According to the Classical growth model, the most important source of economic growth was technological development. In this model, new methods of production, scientific inventions, and better management play a crucial role in driving economic growth.
Technology is typically the main contributor to economic growth, surpassing the impact of human capital and physical capital accumulation. The Classical Growth Theory emphasizes the significance of technological progress in the economic expansion of a country.
In essence, advancements in technology lead to productivity growth, which is crucial for sustained economic development and improvement in GDP per capita.
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