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World War II resulted in the destruction of much of the United Kingdom's physical capital stock. ...

World War II resulted in the destruction of much of the United Kingdom's physical capital stock. Assuming the country was in steady-state equilibrium before the war and nothing else changed, what does the Solow Model predict about the years following World War II in the United Kingdom?

▸ A new steady-state equilibrium would emerge, with the current level of physical capital.

▸ A new steady-state equilibrium would emerge, with a level of physical capital between the current level and the pre-war level.

▸ The economy would eventually return to the old steady-state equilibrium, with the original level of physical capital.

▸ The economy would never again reach a steady-state equilibrium.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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