The Solow Swan model of economic growth

The Solow Swan lay of economic harvest-time1.0 PurposeExamine aspects of the Solow-Swan model of economic gain and identify whether capital accumulation has been the cause for offshoot in the cases of South Korea and Australia.2.0 The Solow-Swan Model in briefThe model shows how growth in capital stock (KM) and labour (L) affect economic growth (Y). It assumes that there is diminishing marginal returns for labour and capital considered separately as inputs and constant returns to scale when taken together.Mathematically, this is expressed asY = AK L 1- (from Cobb-Douglas Production function, where Y= National Income, K=Capital, L= Labour, A= complete Factor Productivity and 0